Ripple price analysis: XRP wipes off February gains in just six hours as price steps down to $0.634

TL;DR Breakdown

  • Ripple price analysis is strongly bearish today.
  • Strong resistance is present at $0.721.
  • Support for XRP is found at $0.618.

The Ripple price analysis is strongly on the bearish side as the crypto pair has stepped down to $0.634, setting a lower low. The recent downtrend started when the coin faced rejection at the $0.872 level on 9th February and started to decline. The bears extended the decline, but there were instances when bulls tried to elevate the price levels, but the bears remained dominant overall.

Nonetheless, the trend is the same for today as well, as the price has come down to the level of 4th February, almost wiping off the entire gains made during the current month, as the market observed a heavy sell-off during the last few hours. The next support for XRP is present at a much lower level of $0.618, and if the downtrend continues, then XRP may test this support in the coming hours.

XRP/USD 1-day price chart: XRP loses another 12 percent amid a heavy sell-off

The 1-day price chart for Ripple price analysis shows the coin is under high market pressure, and the price action is downwards from a range of $0.694, stepping down to $0.634 at the time of writing, as the market crashed and the coin observed a heavy sell-off today. The cryptocurrency has lost a value of more than 12 percent over the last 24 hours and has lost a value of 23.33 percent over the course of the last seven days. The trading volume has increased by 23.53 percent, but the market cap suffered by 11.16 percent over the last 24 hours resulting in the market dominance of 1.95 percent.

XRP/USD 1-day price chart. Source: Tradingview

The moving average (MA) has also traveled down to the level of $0.748 after the crossover between SMA 50 and SMA 20, which is a strong bearish indication. The Volatility for XRP/USD is high, as the Bollinger bands are maintaining the distance between their extreme ends and have started to expand again. The upper band has shifted to the $0.914 mark, and the lower band is present at the $0.638 mark representing the support for XRP/USD pair. The average of the Bollinger bands at the $30 mark represents resistance for XRP as the price level has sunk below the lower band.

The relative strength index (RSI) is trading in the lower half of the neutral zone at index 38 on a downwards slope. The indicator shows high selling activity in the market and indicates the XRP price is under pressure as the RSI score is decreasing at a high rate.

Ripple price analysis: Recent developments and further technical indications

The 4-hour Ripple price analysis report shows the bears have been in the lead for the last 20 hours, and as a result, the coin price has reached down to $0.634 level, as can be seen, a continuation of red candlestick forming on the charts. However, the major damage was done just four hours back when the XRP/USD price crashed tremendously fast.

Ripple price analysis: XRP wipes off February gains in just six hours as price steps down to $0.634 2
XRP/USD 4-hour price chart. Source: Tradingview

The volatility is high on the 4-hour chart as the Bollinger bands are diverging, covering more area, with its extreme ends at $0.804 for the upper value and $0.631 for the lower value, respectively, while making an average at the $0.717 mark. The MA is present below the volatility indicator average line at the $26.4 mark as well.

The RSI is also giving some worrisome indications as it has entered the oversold zone, hinting at extreme bearish pressure as the RSI curve is still sinking down and is trading at index 27.

Ripple price analysis: Conclusion

The Ripple price analysis suggests the coin underwent a heavy sell-off as the market crashed today once again. The XRP/USD is still continuing its downslide as the price function remains under pressure. The bearish activity is on the go, and the price covered range downwards during the last four hours as well. However, support may appear at a $0.618 support handle.

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