•XRP/USD is currently priced at $0.45 and has increased by 28.09% over the last day
•The technical indicators are showing signs of recovery in the near term
•The trading volumes have decreased by 20.30% over the past day
Short Term View: A big question mark still surrounds Ripple
The Ripple price today is $0.453252 USD with a 24-hour trading volume of $4,559,344,522 USD. Ripple is up 28.09% in the last 24 hours. The trading volumes have decreased over the past day as the selling pressure has eased out gradually. The Volume to Market Cap Ratio stands at 0.2081 for the altcoin.
The bearish sentiment took a massive drain on Ripple Price which contributed to major selling pressure in the crypto asset in the past few days. The bulls have reared their heads once again however, as is demonstrated by today’s price action. There is still the threat the threat of bears making their presence known as the Ripple Price is currently transacting above the 20 SMA but below the 50 SMA on the four hour chart, which would act as resistance in the short term. This indecision amongst the investors indicates that the momentum is yet to side with the bulls. If the uptrend continues, the altcoin would likely encounter resistance at $0.60 which would be a major boost for the bulls. On the flip side, the support for the asset is placed at $0.35 in the event of the bears staging a comeback.
Long Term View for Ripple
Today’s price action has seen a considerable amount of inflows into Ripple crypto as is demonstrated by the technical indicators. The RSI has climbed out of the oversold territory from yesterday amid a spike in buying activity. The MACD indicator, on the other hand, shows a slight reduction in the red histograms on the daily chart as the selling pressure has fizzled out. However, a bearish cloud still hovers over the altcoin as the MACD and signal lines are transacting in the negative zone.
Conclusion
The massive selling pressure led to sharp drops in the Ripple prices over the past few days. However, the bulls have endeavored to take take matters into their own hands as the Ripple Price action provided some respite to the investors. It remains to be seen how the future plays out for the asset as market continues to recover from the recent setback.
Support: $0.40-$0.35
Resistance: $0.60-$0.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
