Ripple price analysis shows that the cryptocurrency is currently in a descending channel.XRP/USD bulls need to push the price above $0.51 to invalidate the current bearish setup. Ripple is following a descending channel formation on its 4-hour chart. The cryptocurrency has recently found support at $0.30, which is likely to act as a strong barrier for the bears. On the other hand, if the bulls manage to push the price above $0.51, it would invalidate the current bearish setup. The XRP/USD pair is currently trading at $0.37 and is down by 3% in the last 24 hours.
The cryptocurrency has recently found support at $0.30, which is likely to act as a strong barrier for the bears. On the other hand, if the bulls manage to push the price above $0.51, it would invalidate the current bearish setup. The XRP/USD pair is currently trading at $0.37 and is down by 3% in the last 24 hours.
The prices have been sliding continuously downward from the highs of $0.36 to the lows of $0.30, with a bearish market trend as prices trade below support lines formed previously. The market trend is presently bearish, with prices trading at or near recent support levels. Prices are testing the immediate support area during consolidation, with the $0.30 level being a key area to watch for any breakout or breakdown. Ripple’s XRP is one of the largest cryptocurrencies by market capitalization and is presently the third-largest digital asset in the world.
XRP/USD 1-day price analysis on the daily chart: Bearish Momentum continues
The Ripple price analysis on the daily chart shows that prices have been descending for the past few days. On January 10, prices reached a high of $0.36 and have been in a downward trend since then. The market trend is currently bearish as the prices are trading below previous support levels.
The prices have consolidated for the past few days as they tested the immediate support area at around $0.30. The $0.30 level is a key area to watch for any breakout or breakdown. The market trend is presently bearish, with prices trading at or near recent support levels. Prices are testing the immediate support area during consolidation, with the $0.30 level being a key area to watch for any breakout or breakdown.
The Bollinger bands are also widening, which indicates that the market volatility is increasing. Ripple’s XRP had recently found support at $0.30, which is likely to act as a strong barrier for the bears. On the other hand, if the bulls manage to push the price above $0.51, it would invalidate the current bearish setup. The XRP/USD pair is currently trading at $0.37 and is down by 3% in the last 24 hours.
XRP 4-hour price analysis: Recent price developments
The 4-hour price analysis chart for XRP/USD shows that the market trend is bearish as the prices are trading below the previous support line. The moving averages are in a bearish crossover as the 50-day SMA has crossed below the 200-day SMA. The Relative Strength Index is currently at 42.51 and is rising, indicating that the prices may witness a corrective rally soon as the market is currently oversold.
The Relative Strength Index is presently at 34.81, which places it in the oversold area. This indicates that prices may soon experience a reversal rally. On the other hand, the market’s volatility is very low on the 4-hour graph, suggesting the market is now in a consolidation stage.
The prices have been sliding continuously downward from the highs of $0.36 to the lows of $0.30, with a bearish market trend as prices trade below support lines formed previously. The market trend is presently bearish, with prices trading at or near recent support levels. Prices are testing the immediate support area during consolidation, with the $0.30 level being a key area to watch for any breakout or breakdown. The Ripple price is currently in a descending channel formation on its 4-hour chart.
Ripple price analysis conclusion
According to Ripple price analysis, the market trend is currently bearish as prices are trading below previous support levels. If the overall market conditions remain bearish, a consolidation phase is underway, and prices are expected to drop further. Prices will rise before buyers emerge to push them even higher.
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