TL;DR Breakdown
- Ripple price analysis is bearish today.
- Strong resistance is found at $1.21.
- Support for XRP is found at $0.90.
The Ripple price analysis shows bears have extended their rule, as a further decrease in XRP price is observed today. The strong support at $0.92 has been crashed today as market pressure continues and the trading volume has dropped significantly, leaving XRP looking for newer support levels below $0.92.
When the market crashed on 26th November, the XRP price also got a strong bearish strike, and the price declined exponentially, damaging the coin’s value. Yesterday bulls tried to make some recovery but were not very successful, and recovery was to a very small extent. Today bears again took over, and the price declined again, but recently some support has been seen.
XRP/USD 1-day price chart: Trading volume dips big time
The 1-day Ripple price analysis shows the coin traded in a range of $0.94 to $0.88 while trading hands at $0.91 at the time of writing. XRP reports a decline in price value by 3.6 percent over the last 24 hours as the trading volume has gone down more than 40 percent during this time, and XRP also reports considerably huge losses over the past week, amounting to 15 percent. The market cap has been affected by 4.2 percent as the coin price depreciated.
The 1-day chart shows higher volatility for XRP, and the Bollinger bands show movement downwards on both ends, indicating a downwards breakout and hinting at price to remain lower during the coming days. As the price is trading near the lower band, the lower band represents support for XRP, and the mean average of the indicator shows the resistance level for XRP at the $1.09 mark.
The moving average (MA) continues to trade above the price, with quite a gap between both values. The MA is present at the $1.01 mark currently. The relative strength index (RSI) is trading very low at index 31, though RSI is in the neutral zone, its curve indicates its travel towards the undersold zone due to lack of momentum, if RSI stepped in the oversold region, then the decline of XRP may further extend for some time.
Ripple price analysis: Recent developments and further technical indications
The 4-hour Ripple price analysis shows the coin took the steepest plunge during the starting 4-hour of today’s session when the bears crashed the $0.92 support. However, XRP got the support further below at $0.90, and the price has been uplifted recently.
The 4-hour chart also shows high volatility, and the lower end of the volatility indicator at the $0.88 mark represents support for the coin, and the mean average at $0.98 represents resistance for the coin to overcome. The RSI also shows an upward curve as the support came in shortly after stepping in the oversold region.
Ripple price analysis: Conclusion
The Ripple price analysis concludes that the coin value has decreased again, but the recent bullish help is a hopeful sign for the price function, as the XRP might reclaim the recently lost support of $0.92. However, the coin price is expected to remain low comparatively. However, as we know, XRP is very range-bound, so the 26th November plunge has provided some opportunities as well to the traders who were waiting for a good entry point, which may trigger the buying impulse, and XRP price will start to rise.
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