in

Ripple price analysis: XRP reports five percent loss as price breaks below $1.13


TL;DR Breakdown

  • Ripple price analysis is giving bearish hints today.
  • Strong resistance is found at $1.16.
  • Strong support for XRP is found at $1.06.

The Ripple price analysis is going in the bearish direction today. A decrease in price has been observed today, as the continuing bearish momentum has taken the price down for a third consecutive day, plunging it down to $1.10. Overall last week XRP/USD observed a bearish trend except for a spike in price on 9th October, which helped maintain the price in the current price channel. The nearest support is present at $1.08, followed by stronger support of $1.06.

XRP/USD 1-day price chart: Price levels sink as bears dominate the market

The 1-day price chart for Ripple price analysis shows price has depreciated from $1.14 to $1.10. As the downtrend continues, currently, XRP/USD is trading hands at $1.10 at the time of writing. The XRP/USD pair has lost nearly 4.7 percent value during the last 24 hours, but the crypto pair is on a gain of more than six percent over the course of the last seven days. The trading volume is also down by more than 27 percent, with a market dominance of 2.24 percent resulting in a decrease in market cap by 5.5 percent.

Ripple price analysis: XRP reports five percent loss as price breaks below $1.13 1
XRP/USD 1-day price chart. Source: Tradingview

The volatility is also increasing for the XRP/USD pair, as the Bollinger bands are expanding, but a positive clue that can be extracted from the expansion of indicator’s limits is that the upper band shows more upwards divergence, while the lower band moves straight ahead. The upwards divergence of the upper band will provide more space for upwards price movement by raising the resistance levels in the coming days.

The relative strength index (RSI) is also declining, though still in the neutral zone at index 54, the downwards slope of the indicator shows increasing selling activity in the market.

The moving average (MA) has almost reached the price level and is present at the $1.09 mark, just below the price. If the price continues to fall and travels below the MA, this will be a further bearish indication, complementing the bearish trend. However, the SMA 10 still favors the bullish side as it is still below the price level.

Ripple price analysis: Recent developments and further technical indications

The 4-hour price chart for Ripple price analysis shows a steep plunge in price at the start of today’s session, but during the last two hours, some bullish efforts also emerged, as the last candlestick is green on the 4-hour chart. As the trend has been downwards, further selling pressure can kick in any time, turning the green candlestick into the red.

Ripple price analysis: XRP reports five percent loss as price breaks below $1.13 2
XRP/USD 4-hour price chart. Source: Tradingview

The volatility is relatively high but slowly limiting; the lower Bollinger band is below the price level at the $1.06 mark, representing support for the XRP/USD price as the price is trading near the lower band in the 4-hour chart. The RSI has moved down to the lower half of the neutral zone and shows a score of 45.

Ripple price analysis: Conclusion

Today’s Ripple price analysis suggests the XRP/USD price is on the decline as bears are dominating the price function. As the technical indications still suggest the buying of XRP assets, but traders should expect a further downside to $1.08 in the coming hours. Support of $1.06 seems strong enough, and the price is expected to float above the support level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

More Gains Ahead for XRP? On-Chain Metrics Hint at Bullish Run

More Gains Ahead for XRP? On-Chain Metrics Hint at Bullish Run

FTX US Launches NFT Market — Users Can Trade and Mint Solana NFTs, ETH Support on the Way

FTX US Launches NFT Market — Users Can Trade and Mint Solana NFTs, ETH Support on the Way – News Bitcoin News