Ripple Price Analysis: XRP Continues Falling As It Breaks $0.78 Support, Is A Breakout Imminent?

Ripple Price Analysis: XRP Continues Falling As It Breaks $0.78 Support, Is A Breakout Imminent?

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2022-04-13 18:33:31

Ripple price analysis continues to show bearish signs, as the price dropped another 4% to as low as $0.75. The previous support at $0.78 was broken for the day and the downside could take the price towards the next support at $0.70. However, the current downtrend could provide a key entry for investors at lower prices, where profit-taking near the $0.81 region can be expected. If XRP can withstand the selling pressure, the bulls will also aim for a rally of $0.89.

The crypto market showed dismal results across the board, as Bitcoin dropped to $42,000 with a 3% drop. Ethereum followed with a 1% drop, bringing the price down to $3,200. Among the top altcoins, Cardano and Terra experienced significant declines, worth 6 and 8% respectively, while Dogecoin dropped 3% to $0.14. Solana also suffered a 7% drop to under $110, while Polkadot dropped 4% to $19.5.

Ripple Price Analysis: XRP continues to drop below key moving averages on daily chart

On the 24-hour candlestick chart for Ripple price analysis, a further decline can be seen starting on April 6 and moving below the $0.78 support to increase fears of further declines to the downside. $0.65. While there is also hope that the current downtrend will propel the bulls back above $0.81, key technical indicators suggest a different outcome.

The market valuation for XRP is plummeting, with the relative strength index (RSI) set at 41.26 and trending down. Furthermore, the price continues to move further away from the key 25-day moving average (EMA) at $0.79, which will be set as the next target for XRP. The moving average convergence divergence (MACD) also continued downwards with the bearish divergence that started in late March.

At the current outlook, while an uptrend is possible as XRP provides entry for investors, the deteriorating situation with the EU and Russia will mean that any upward movement is possible. in short time. Buyers are expected to remain in the fence at the current trade and fail to push the price significantly above the $0.75 support level.

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