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While Bitcoin is still above the $64,000 price level, Ripple has fallen below the $1.2 price level. As per the data from CoinMarketCap, the prices are up by 1.16% in the last 24-hours, with a 17.09% drop in the trading volume for the token. Although, XRP is still one of the most actively traded tokens on the platform, resting at $2,536,978,238.51.

On the other hand, the token’s market capitalization rose to $56.1 billion, by 1.34%. In the last few months, Ripple has shown bullish and growth. The token is yet to break its all-time high at $3.84, which was made 4 years ago and is currently 69% down.

A year ago, Ripple closed its monthly candle at $0.66 while the current price is at $1.9. The nearest resistance for the price action is present at $1.23, while the nearest support remains unbroken at $1.55.

Ripple price analysis on the daily chart

According to the price analysis on the daily chart, Ripple’s price action is quite sluggish, and if current conditions prevail, traders might witness a price drop soon. The 50-day and 100-day Moving Averages are progressing below the price action, indicating a bullish long-term scenario.

The price action failed to break out from the upper end of the Bollinger Bands. As a result, prices turned bearish but haven’t fallen to the lower end of the Bollinger Bands.

XRP price on tradingview

The Ripple price indicators are gradually turning bearish. The RSI indicator is nearly flat, which is a representation of sluggish price movement. On the other hand, the MACD indicator turns bearish as the signal line (orange) crosses above the blue line (MACD), resulting in a bearish crossover.

XRP price on tradingview

Final Verdict

Ripple price action is sluggish for today as the token is trading below the $1.2 level. If this continues, we might see the price action turn bearish for the short term on the daily chart.

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