10 March 2023 19:13, UTC
Reading time: ~3 m
The Ripple price analysis indicates a notable drop in price over the past few days. The XRP coin is currently trading at around $0.3638, with a notable drop of 8.19% in the past 24 hours. The XRP token opened today at $0.3691 and quickly started its downward journey, with no signs of a reversal yet.
The selling pressure is escalating as the market sentiment is overwhelmingly bearish. The support level at $0.3599 is seemingly not enough to contain the sell-off, and it looks like XRP will continue to fall further if no bullish momentum appears in the market.
The resistance level at 0.3964 USD appears to be too strong for the rising buying pressure, and any attempts to break it have been unsuccessful so far. This could mean that Ripple may have a hard time recovering from this bearish trend in the short term.
Most of the cryptocurrencies today are in the red, with top coins like Bitcoin currently trading below the $20k mark. Moreover, Ethereum is trading below $1,400, and other altcoins recording more significant drops. This contributed further to the bearish sentiment in the Ripple market, leading to a further decline in prices.
Cryptocurrency price heat map, Source: Coin 360
The daily chart for the Ripple coin shows that the previous night the bulls gained momentum and pushed the XRP/USD pair above the resistance at $0.3964, yet, the trend reversed soon after, and XRP plunged downwards below the baseline of $0.3650 to its current price level of $0.3638, indicating that the continuation of the bearish trend may continue in the near term as bearish pressure is getting stronger.
The market cap plummeted to around $18 billion, with a strong loss of 7.50%. It appears that the buyers are still not able to gain any traction, with the selling pressure clearly dominating the market. The 24-hour trading volume of the XRP coin is valued at $1,815,270,590, with a fall of 2.07%.
The technical indicators on the daily chart are also in favor of the bearish trend, as the Relative Strength Index has dropped further into the oversold region, displaying a negative crossover that signals sellers are dominating and pushing XRP downward. This is suggestive of a robust bearish trend. Currently, the RSI is at 41.05 and is expected to stay in the bearish territory for some time.
XRP/USD 1-day price chart (Source: TradingView)
The MACD indicator on the daily chart is also bearish, with the MACD line crossing below the signal line and further extending its downward trajectory. Additionally, the current price is below the moving average indicator at 0.3744 USD, as the 50-day MA and 200-day MA are both heading downward.
Overall, the Ripple price analysis shows a strong bearish trend in the market as it plummets to its current price level of 0.3638 USD. The technical indicators also favor further decline in prices until there is a shift in momentum from sellers to buyers. The next target for Ripple is likely to be $0.35. However, if it breaks the support, then further downfall can be expected.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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