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HomeNewsRipple price analysis: Bearish clouds fade as XRP/USD prices near $0.4879

Ripple price analysis: Bearish clouds fade as XRP/USD prices near $0.4879

Ripple price analysis shows a bearish trend as the coin indicates has been consolidating below $0.48. level over the last 24 hours as the overall cryptocurrency market remains in a bearish state. Ripple price analysis shows that support for XRP prices is present at around the $0.4842 level, but there is significant resistance around the $0.5028. Ripple prices have been trading around $0.47 to $0.50 over the past few days. The market cap for the Ripple Foundation is currently around $24,285,913,127, and the 24-hour trading volume is around $1,764,567,759.

Ripple price analysis on a 1-day price chart: Bears are adamant as XRP prices remain below $0.4879

On the 1-day chart, Ripple prices analysis shows a downtrend for the last 24 as XRP prices fell from highs of $0.4842 to lows of $0.4879. Ripple prices have been consolidating below the $0.48 level over the past few days as bearish momentum continues to dominate the market. The bulls tried to push prices higher yesterday, but they were unable to break above the $0.50 level, which is a bearish sign.

XRP/USD 1-day price chart, source: TradingView

The 20-day moving average is currently around the $0.4874 level, and the 50-day moving average is around the $0.4780 level. The RSI indicator is currently at 62.62, which indicates that the market is in neutral territory. However, the MACD indicator is currently in bearish territory as the signal line is above the histogram.

Ripple price analysis on a 4-hour chart: XRP/USD prices are facing resistance around $0.5028

On the 4-hour chart, Ripple prices analysis shows a downtrend for the last 4 hours as the market is in a bearish trend as the market has formed a descending channel pattern. Ripple prices are currently trading at the lower end of the descending channel and are facing resistance around $0.5028. If prices can break above this level, it would be a bullish sign as it would invalidate the descending channel pattern.

XRP/USD 4-hour price chart, source: TradingView

The XRP/USD is currently trading below the Moving average indicator which is a bearish sign. The MACD indicator is currently in the bearish territory as the line blue is moving above the signal line. which indicates that the bearish momentum is currently present in the market. The RSI indicator on a 4-hour price chart is currently at 56.22 and above the 50 level, which indicates that the market is currently in neutral territory.

Ripple price analysis conclusion

Ripple price analysis shows a bearish, and a further decline is expected in the market. The bulls had attempted to push prices higher but failed as the market found support at the $0.4842 level. Prices are currently facing resistance at the $0.5028 level, and if prices can break above this level, it would be a bullish sign for the market. However, if prices fail to break out of the descending channel pattern, it would be a bearish sign as prices could fall back to the $0.4842 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.

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