Crypto

XRP Price Analysis: Bearish Momentum Hovers, Will Bears Take The Control Again?

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In light of the state of the market, XRP price research reveals a small negative trend. Currently, the price of the cryptocurrency is $0.4545. Over the last 24 hours, prices have fluctuated between $0.45 and $0.47.

As the bears take a break, prices may rise upward over the course of the next few hours, but rallies are likely to be brief as long as the general trend is still unfavorable.

The price of the XRP/USD pair today strikes a low of $0.4534 after failing to maintain above the $0.471 resistance level, signaling a negative trend. Since the bears are in charge of the market, prices will probably decline during the following few hours.

Last week saw the most recent effort at a corrective rebound, but this was also sold into, causing the present slump. Since the price has now fallen below the $0.4534 support level, further declines appear inevitable.

The data from the graph indicates the decline of XRP price with a 1.83% decrease over the past 24 hours. The bollinger bands are indicating a bearish trend as they are squeezing towards each others whereas the macd also is indicating a bearish trend as the signal line slithers to cross over the MACD line. The  RSI is nearly to the over bought zone as it stands at 46.1.

Since the beginning of 2022, this token’s price has been following a downward pattern recorded by most digital assets, declining 45.83% from $0.83, which was its price on January 1, 2022, as per data retrieved from coinmarketcap.

But from the 4 hour chart it shows an increase in volatility for the crypto pair. The upper Bollinger band has reached $0.479, and the lower band is present at $0.453.

The MA is also trading at $0.4591 above the price level. The RSI has also been maintaining its downwards curve near the underbought region as it has reached down to index 50.54 due to the continuous bearish activity.

conclusion

XRP is currently trading at a low price of 0.4545  but in a long term future it may come to increase in price upto the $1 mark. The reason for the decline trend of XRP might be the legal actions that are being taken to them by the U.S government SEC.If the event of selling pressure persists, the price can decline in the direction of lower support levels.

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