it’s a pretty bear day ripple Today’s price analysis is due to the overall market continuing to fall. ethereum Merge. Ripple’s price is down significantly compared to the last 24 hours as it is currently trading at $0.32771.
As you can see from the chart above, BTC dropped 2.04% while Ethereum dropped a whopping 8.34%. Considering market sentiment, prices are expected to fall further.
The daily Ripple price analysis chart shows a clearer bearish outlook. We can see that the slope of the RSI is negative, although the values are very balanced. At the same time, the strength of the MACD histogram is constantly decreasing and the lines are just preparing for a crossover.
Ripple 24-Hour Price Action: XRP/USD Forms Highs and Lows
Looking at the 1-hour Ripple price analysis, it is clear that the market is making lower highs and lower lows today. Ripple price closed at $0.34005 yesterday and currently he is trading at $0.32749. This is a significant drop and it doesn’t seem to stop there.
However, Ripple may have established short-term resistance at the $0.325 mark, after which the histogram of the MACD indicator started to move in the positive direction. But they are still in the red. On the other hand, the RSI seems to be very stable at 35 right now. So, there are no signs of bullish momentum ahead. In fact, overall market sentiment could push Ripple down.
Currently, Ripple’s market cap has decreased by 4.38%, while trading volume has increased by 21.53%. This gives a volume to market capitalization ratio of 0.09236.
4 Hours of Ripple Price Analysis: Will XRP/USD Fall?
Similar to the daily chart, the 4-hour Ripple price analysis also shows a negative picture. Although the levels are balanced, we can see that the RSI has a negative slope. At the same time, the MACD is currently showing the market to be incredibly indecisive and the histogram is shown in red.
At the moment, the best bet is to consider the overall market sentiment, which doesn’t seem to be improving at the moment. Based on that, it’s safe to assume that Ripple may turn down and test the resistance at $0.31255.
Ripple Price Analysis: Summary
Market sentiment is less positive following today’s Ethereum merger. Bitcoin and Ethereum are two major coins in a downtrend. Ripple follows a somewhat similar pattern in line with market sentiment.
Given the impossibility of timing the bottom, it’s a good time to hit dollar cost average if you plan to hold in the medium to long term. Read our article to learn more about investment strategies. crypto investment I will guide you.