- XRP token faces bearish pressure at $0.4254, with a loss of 2.56% in the last 24 hours.
- Bearish momentum dominates the market as the XRP token’s resistance levels are broken.
- The support for cryptocurrency is present at $0.4186, which is the next target for the bears.
The latest Ripple price analysis shows a negative trend in the market today. The bearish and bullish movements have been battling to gain control; however, today, it is the bears that have gained an advantage and continue to pressure the market. XRP has suffered a loss of 2.56% in the past 24 hours and is trading at $0.4254 after breaking through important resistance levels of $0.4376.
The bearish momentum in the market has been so strong that it has broken through several resistance levels. This has created further sell-off pressure on the XRP token and caused it to slide downward. The next target for the bears is being seen at $0.4186, which is a strong support level for XRP and could be a potential reversal point in the near future. On the upside, the $0.4376 resistance level could be the key level to watch out for, as it could be a potential reversal point if the bulls manage to gain control of the market.
The buyer has been favorable to the market for some time; however, the selling pressure of the bears is increasing, and unless they can be kept in check, XRP could continue to fall further in price. The market capitalization for XRP has also been declining and is at $21.98 billion, However, the trading volume is still relatively high at $1.154 billion, with a rise of 32.83 percent.
On the daily chart for XRP, the Bollinger bands are also in a bearish scenario, and it appears that the XRP token is heading toward the lower band, which could signal further declines in price. The upper Bollinger band is present at $0.4902, while the lower band is at $0.4330.
The Relative Strength Index (RSI) is also in bearish territory at 32.42, heading towards the oversold level. The average directional index (ADX) is also showing a bearish trend, with a reading below the 30-level.
Overall, the bearish trend is intensifying in the Ripple market as the XRP token continues to slide below $0.43. Unless the buyers can gain control of the market, further declines could be seen in the near future. The key level for both buyers and sellers to watch out for is $0.4186, which could be a potential reversal point if the bulls manage to gain control of the market.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.