Ripple price analysis illustrates a bearish market sentiment as the prices bounce back from the $0.37 support level. The prices have managed to find some stability at the $0.35 handle, but a further decline cannot be ruled out. At the time of writing, XRP is changing hands at $0.3866.and is down by over 3.47 percent on the day. The cryptocurrency has a market capitalization of over $18.7 and it currently ranks in position 7 in the market.
In the short term, the Ripple price analysis shows that the cryptocurrency is facing some stiff selling pressure as it flirts with the $0.37 support level. The bearish trend in Ripple prices is evident as the prices have been trading in a declining channel for the past few hours after a brief bullish trend during yesterday’s session. There has been a sell-off today with prices facing major resistance at the $0.395 level.
Ripple price analysis on a daily chart: Bears make a comeback as XRP prices slip below $0.37 support
Ripple price analysis shows the prices closed yesterday’s trading session trading in a bullish trend. However, the prices have given up all these gains and are now trading in a bearish trend. The bears have managed to push the prices below the $0.37 support level which was holding strong for the past few hours. The selling pressure is likely to continue as the MACD on the daily chart shows an increase in bearish momentum. The 100 EMA is also trending below the 200 EMA which is a sign of bearishness in the market.
The Ripple price analysis on the daily chart has seen XRP/USD pair price movement move in a steep descending channel. Ripple prices have been on a downtrend for the past few hours after a brief bullish trend yesterday. The current selling action has been attributed to declining in the market volatility which is seen to be extremely low at the moment. The Bollinger bands are currently extremely tight which is an indication of the low market volatility.
XRP/USD 4-hour chart price analysis: XRP prices on the brink of a breakdown
Ripple price analysis on the 4-hour chart shows that the XRP/USD pair is currently trading in a descending channel. The prices have been on a downtrend for the past few hours and are currently facing resistance at the $0.39 level. The MACD on the 4-hour chart shows an increase in bearish momentum as the prices continue to decline. The 100 EMA is trending below the 200 EMA which is a sign of bearishness in the market.
The Ripple price analysis on the 4-hour chart also shows that the prices are trading close to the support at the $0.37 level. A breakdown below this level could see the prices decline further to test the next support at $0.35.On the other hand, if the prices manage to rebound from the current levels, we could see a move towards the $0.40 resistance level. The Bollinger bands are seen to be contracting on the 4-hour price chart which is an indication of the low market volatility.
Ripple price analysis conclusion
Ripple price analysis concludes that the prices are currently in a bearish trend as they slip below the $0.37 support level. The prices are likely to find support at the $0.35 level which is key horizontal support. A further decline may see Ripple prices testing the $0.33 level which is also a key horizontal support in the market.
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