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•XRP/USD is currently priced at $0.37 and has increased by 1.06% over the past day
•The trading volumes have increased by 31.48% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Will XRP price action provide respite to the investors?
The XRP price today is $0.377058 USD with a 24-hour trading volume of $1,230,778,187 USD. XRP is up 1.06% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.06611 for the altcoin.
Ripple bulls have shown admirable resistance in the past few days as the altcoin has been able to minimize its losses amid the increasingly intense selling pressure. However, inspite of the gains today, the growing bearish influence over the present daily candle teases a bearish turnaround as the XRP price is currently transacting below the 20,50 SMA on the four-hour chart. Hence, XRP may experience a slight pullback in the coming period and the price could drop to the support level placed at $0.30 before inducing a catapult action towards the next resistance. On the flip side, the asset could breach the resistance level placed at $0.44 or even $0.50 in case of an extended bullish trend.
Long-Term View for Ripple
The RSI for Ripple is currently transacting at 55.46 after it tumbled down due to a huge influx of sellers in the market. On the other hand, the red histograms have been stagnant on the daily MACD chart, as the market is currently struggling to provide direction to the investors amid a power squeeze between the buyers and sellers. The MACD line is trailing the signal line by a wide margin, however, and they are both headed towards the negative territory gradually. The bulls will need to make a huge statement in order to recover the losses.
Conclusion
The technical indicators for XRP indicate that the bearish momentum is still intact in the market and there seems to be no end in sight to the bulls problems yet. Hence, we can expect the Ripple price to continue falling in the near term.
Support: $0.30-$0.25
Resistance: $0.44-$0.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
