Price Analysis

XRP Price Facing Extreme Battle from the Bears as it Remains Consolidating Below $0.7

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 26, 2022

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Highlights

    Ripple’s XRP price remains under the huge influence of the bears as the descending consolidation continues for the 7th consecutive day

    The assets displays huge chance of drowning into a deep bearish well as the selling pressures is leaving no room for the bulls to enter

Ripple (XRP) Price Analysis

Soon after the XRP price broke the crucial support at $0.78 a couple of times before, the bulls tried to buy at the dips. And eventually, the XRP price faced significant growth in its value both the rimes and reached the levels around $0.77. However, the rejection that occurred on 20th April dragged the price drastically, wherein it now appears a very tedious job for the asset to recover finely. 

The XRP price has maintained a steep descending trend which intensified after a breakout from the neckline of the double top pattern. However, the bulls during the previous day’s trade attempted very hard to turn the candle into the green but failed. And hence the sellers appear to be pretty strong since the early trading hours. The price is still pretty away from the crucial lower support and hence the magnetic attraction from these levels may not work. Therefore, the asset still has a fair chance to ignite a rebound. 

If the XRP price attempts a flip, it needs to secure minimum levels at $0.78, slicing through the neckline level at $0.71. And hence it may be regaining its position above the trend line and maybe within a safe zone as it may have surpassed the 50-day MA levels too. However, to record a significant uptrend, the asset needs to secure its position above $0.84 and try testing $0.88 and later $0.95. And this may be when the bulls may enter the ring to uplift the price above $1. 

Also Read: Solana Look for Bull’s Resurgence, SOL Price’s Path Towards $150 Maybe Cleared Now!

Ripple (XRP) Technical Analysis (Short-Term)

Technical Indicators

Technical IndicatorsValue Action
Relative Strength Index(RSI)44.37Sell
MACD-0.002Sell
Average Directional Index(ADX)45.19Sell
Average True Value(ATR)0.0062Less Volatility

Pivot Levels

Pivot LevelsValue
Moving Average (MA)-50$0.6842
Moving Average (MA)-200$0.7276
Resistance$0.7014
Support$0.6490

The short term forecast is extremely bearish for Ripple’s XRP price as most of the indicators are negative. Moreover, the price is not volatile and hence no significant price change may be witnessed. And hence the range-bound consolidation may prevail for some more time until the market sentiments flip significantly. 

Also Read: Investors Prefer Solana, Terra, Algorand & Avalanche Than Ethereum, Bitcoin – Report! 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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