It is quite a bearish day for Ripple price analysis today, as the entire market is in a dip following the Ethereum marge. Ripple’s price has undergone a significant drop compared to the last 24 hours, as it currently trades for $0.32771.
As we can see in the chart above, BTC has undergone a 2.04 percent decrease, while Ethereum has undergone a whopping 8.34 percent decline. Considering the market sentiments, the prices are expected to dip further.
The daily Ripple price analysis chart gives us a clearer bearish outlook. We can see that the RSI’s gradient is negative, although the values are quite balanced. At the same time, the strength of the MACD histograms is constantly reducing, and the lines are just preparing for a crossover. So, a further drop in price is imminent in the next 24 hours.
Ripple 24-hour price movement: XRP/USD is forming higher and lower lows
If we look at the 1-hour Ripple price analysis, it is obvious that the market is forming lower highs and lower lows today. Ripple’s price closed exactly at $0.34005 yesterday, and currently, it is trading at $0.32749. That’s a significant dip, and it does not seem to be stopping there.
However, it looks like Ripple may have established a short-term resistance at the $0.325 mark, after which the histograms in the MACD indicator started to move in the positive direction. Though, they still lie in the reds. The RSI, on the other hand, seems very stable right now at 35. So, there is no indication of any upcoming bullish momentum. In fact, the overall market sentiment might just push Ripple lower.
Currently, the market cap of Ripple has reduced by 4.38 percent, while the trading volume increased by 21.53 percent. This brings the volume to market cap ratio to 0.09236.
4-hour Ripple price analysis: Will XRP/USD go lower?
Just like the daily chart, the 4-hour Ripple price analysis also paints a negative picture. We can see that the RSI has a negative gradient, although the level is balanced. At the same time, the MACD shows that the market is incredibly indecisive right now, and the histograms are in red.
At this time, the best bet is to consider the market’s overall sentiment, which does not seem to be improving for now. Based on that, it is safe to assume that Ripple will fall lower and might test the resistance at $0.31255.
Ripple price analysis: Conclusion
Following the Ethereum merge earlier today, the sentiment of the market is not very positive. Bitcoin and Ethereum are the two major coins that are in a downtrend. Ripple is following a somewhat similar pattern in line with the market’s sentiments.
It is a good time to dollar cost average if you are planning to hold for the mid to long-term since timing the bottom is impossible. Learn more about investment strategies by reading our crypto investing guides.