Ripple price analysis shows bearish signs once again after yesterday’s uptrend was cut short. XRP faced yet another rejection below the $0.35 mark, failing to consolidate after setting bottom at $0.30 support. Although bearish sentiment in the market has lowered for XRP amid gains for all major cryptocurrencies, there still seems to be shortage of bulls in the market.
Price went down 3 percent from yesterday to as low as $0.31, which was largely caused by traders closing their short positions in the market. XRP price is also subject to the movements in the lawsuit between Ripple Labs and the US Securities and Exchange Council. If the Fed announcement comes against XRP, it could be expected that price would lower to set support around the $0.22-$0.24 zone.
The larger cryptocurrency market faced another dramatic decline over the past 24 hours, as all major cryptocurrencies fell into the red zone once again. Bitcoin lowered to the $20,000 mark with a 4 percent downtrend, while Ethereum struggled to maintain above $1,000 after losing 6 percent in price. Among leading Altcoins, Cardano declined 4 percent to $0.47, while Dogecoin shed more than 5 percent to move back to $0.06. Solana and Polkadot also downtrended, with the former declining 6 percent to move down to $34.97.
Ripple price analysis: XRP forms static support around $0.32 on daily price action
On the 24-hour candlestick chart for Ripple price analysis, price can be seen once again forming a horizontal trend along a narrow channel above the $0.30 support and around $0.32. After facing continuous rejections around the $0.35 mark, the 50-day exponential moving average (EMA) has also dropped down to the current trend. However, technical indicators suggest the current price for XRP still does not carry the momentum required to breach the $0.35 resistance.
The 24-hour relative strength index (RSI) has also lowered over the past 24 hours from above 40 to 37.80, whereas XRP trading volume fell around 14 percent, exhibiting the stagnancy creeping into the market. The moving average convergence divergence (MACD) curve is almost unchanged from yesterday and continues to form lower lows. With the current market structure in place for XRP, any surge up to the $0.50 resistance point may be considered a fake breakout, in case the rest of the market picks up.
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