According to the recent Ripple price analysis, XRP has been exhibiting bearish behavior over the past 24 hours and has managed to retrace below $0.4800. The pair hit an intraday high at $0.4818 which was later followed by a pullback before consolidating at $0.4788. The bears have set a firm decrease as prices declined by 1.64 percent during the last 24-hour trading session.
The support levels of the asset were seen at $0.4716, while the resistance levels remained at $0.4818. However, XRP is facing strong resistance at the $0.4800 level, so if prices continue to rise, it will be important for traders to keep an eye on this key level. On the downside, a breach below the support at $0.4716, could lead to a further price depreciation of XRP.
Ripple price analysis 1-day chart: XRP uptrend face resistance at $0.4814
The 1-day chart for Ripple price analysis displays a bearish bias in the market. XRP has declined above the $0.4800 level and is now trading above the $0.4700 level. The pair has established a bearish outlook with support seen at $0.4716 and resistance at $0.4818. In order for buyers to push prices higher, they need to break out of this range. The XRP/USD pair is trading with a 24-hour volume of $493,573,398 and a market capitalization of over $24 billion.
Technical indicators in this timeframe reveal that the asset is in bearish momentum. The Moving Average Convergence Divergence (MACD) indicator shows a steady increase in selling pressure as the MACD line is below the signal line. The Relative Strength Index (RSI) is currently at 46.63 which indicates that buyers need to get the upper hand above the sellers to push XRP to the overbought region. Finally, the Bollinger Bands are moving inwards, displaying fleeting support to the bears. The upper band is located at $0.5396, which is where the uptrend faces strong resistance while the lower band is seen at $0.4387 the key support level.
Ripple price analysis 4-hour chart: Bears persist on the XRP/USD pair
The 4-hour chart for Ripple price analysis shows that the buying pressure is sharply decreasing. The price has been trading within an ascending triangle pattern, with the aim to break the resistance at $0.4814 but the selling pressure won the race pushing XRP below the $0.4750 mark.
The Relative Strength Index (RSI) is sharply sloping downwards below the 50 mark which indicates that sellers have the upper hand and are attempting to retest the support level once again. The current value of RSI is 46.63. Furthermore, the Moving Average Convergence Divergence (MACD) indicator has crossed the negative territory since the MACD line has crossed below the signal line.
Additionally, the Bollinger Bands are indicating a sideways trend in XRP as the upper band is located at $0.4843, while the lower band is seen at $0.4658. The channel of these bands is contracted, suggesting that there is an imminent breakout on the horizon. If prices break out of this range, we can expect to see XRP move lower as long as the selling pressure holds.
Ripple price analysis conclusion
In conclusion, Ripple has been trading on bearish sentiment in the past 24 hours and appears to be ready for a breakout below the $0.4700 level. The 4-hour chart reveals that sellers are attempting to breach the immediate support at $0.4716, as they have shown to have more strength by pushing the price down in today’s session. Traders should be wary of a breach below the support at 0.4700 as that could result in an additional price depreciation for XRP.