Ripple price analysis continues to show bearish signs today, as price dropped more than 7 percent over past 24 hours to move as low as $0.39. After failing to pierce past the static level at $0.45 once again, XRP continued a horizontal pattern that has been in play since the 10 percent decline on May 18, 2022. Bulls have attempted to push price upwards since then but have faced multiple rejections near the $0.45 hurdle. The first support level is set at a stretch from the current trend, but it could come in play if further sell offs continue. The 24-hour trading volume grew more than 32 percent, indicating a bearish market for XRP.
The larger cryptocurrency market fell into the red zone once again, as Bitcoin slipped down further towards the $29,000 mark. Ethereum also drew back from the crucial $2,000 figure with a 2.5 percent decline, posing similar behaviour to the Altcoin market. Cardano dropped 3 percent to $0.51, Dogecoin 2 percent to $0.08, and Litecoin 1 percent to $69.80. Similarly, Polkadot and Solana dropped down 3 percent each to settle at $10.03 and $49.22, respectively.
Ripple price analysis: Low market valuation continues to remains low on 24-hour chart
On the 24-hour chart for Ripple price analysis, price can be seen falling into a sideways pattern after failing to recover from multiple rejections around the $0.45 level. Since the larger market crash on May 11, 2022, XRP has failed to breach this mark persistently which serves as warning to bulls that a trend change may not be expected even if price hits this point. In order to signify a trend change, XRP price would rise as high as $0.65 and form higher highs before facing seller pressure. In this scenario, the first and immediate hurdle is to move past the crucial 50-day exponential moving average (EMA) at $0.42 and consolidate above this point.
However, the 24-hour relative strength index (RSI) shows depleting market valuation in the oversold region at 34.09 and continues to move sideways. Coupled with a 32 percent rise in trading volume, this presents worryingly bearish signs for XRP price action over the next 24 hours. In addition, the moving average convergence divergence (MACD) curve sits above the neutral zone, but is forming lower highs and could undergo a bearish divergence. Current key support level sits at $0.33 which may be visited in case of a dramatic turnover. Conversely, resistance is expected around $0.45 and a breakout from this point could see further seller pressure at the $0.65 mark.
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