Price Analysis

XRP Price Nosedives at $0.24 and Records 11% Plunge in 24 Hours

  • Ripple (XRP), at the time of penning down this analysis, was seen trading around $0.240 and was seen forming a consequent falling wedge for the second time since the start of the year
  • XRP/USD has experienced an intraday fall of over 11% from the yesterday’s high of $0.270 and therefore, appears bearish
  • The 20-day Bollinger Bands project moderate volatility in the upcoming days as the bands are seen slightly widening
  • Ripple price breach 7-month high at $0.346 just to pullback again

XRP coin has been trading with expanding volatility and, thereby, retains no support from the daily moving averages. Moreover, the major coins of the market are also seen drawing losses, and notably, Bitcoin price is testing $9,100 and $9,200 support zone. A fall below $9,450 was anticipated to be a sure shot bearish crossover, which seems to have swayed the other coins of the market as well.

Ripple Price Analysis

XRP News
XRP/USD Chart By TradingView

Analyzing the 24-hour movement of XRP against US Dollar on Coinbase, we see that the currency is on a notable downswing. Alongside this, we also observe a pattern being formed where the price of XRP plunges after every peak formed. Keeping the same pattern in mind, the price of Ripple cryptocurrency is likely to rise after this dip and retain the lost support from the daily moving averages. Also, on the same 24-hourly chart, we await a “golden crossover” as the 50-day MA is likely to cross above the 200-day MA, which will continue the pattern, and the price will rise.

Ripple News

On the contrary, if we compare the daily movement of XRP against USD, we see a consequent falling wedge forming after a rising trend. Therefore, the 2nd step of verification also hints towards the escalation in the price of the 3rd most traded crypto of the global market. The 20-day Bollinger Bands laid project about moderate volatile trading days ahead.

Technicals

The technical indicators confirm the intraday bearishness as the MACD of XRP coin is crossed above the signal lien showing a negative divergence on the daily chart.

The RSI of the coin is at 38.84 and is seen forming a downtrend from above 70 to the oversold region if the price pulls back even further.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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