By Shelly Melancon (Switzerland)
XRP price line established a lower low today, following a dip to $0.633. XRP price has been declining gradually over the past two weeks after being rejected at the $0.873 level.
Bears In Full Control
While the bears were majorly in control, there were few bounces in-between as the bulls made efforts to rescue the price decline. Nevertheless, the general downtrend continued today, with the XRP price currently trading at about the same price as of February 4.
Thus, erasing all the gains made so far this month, the selling pressure has further intensified dramatically in the past 24 hours. While the next crucial support for XRP seems far at $0.617, XRP may test this support level if there is no reversal in this current downtrend.
XRP Performance On The 24-Hour Chart
The 24-hour chart confirms that XRP remains bearish as its price remains on a downtrend towards the $0.633 range from the $0.695 level as of this writing. Ripple’s token is also affected by the considerable sell-off on the broader crypto market.
XRP price has dipped by nearly 13% within the past 24 hours and almost 24% in the last week. Despite an increase of about 24% in its trading volume, XRP’s market cap declined by approximately 11.17% within the past 24 hours. Hence, its market dominance now stands at 1.96%.
XRP Price on the daily chart. Source: TradingView
The MA also indicates strong bearishness following the crossover between the 20-day and 50-day EMA. The separation between the upper and lower limits of the Bollinger bands is vast, meaning high volatility. Even this separation is starting to increase again.
This band’s upper and lower limit, which corresponds to the $0.913 and $0.637 price levels, represent resistance and support, respectively, for XRP. The average of the Bollinger bands indicates resistance as the XRP price has already dipped below the band’s lower limit. The RSI score of 37 indicates neutrality. However, its continued decline indicates enormous selling pressure for XRP, further confirming the current market bias.
XRP’s 4-Hour Chart Analysis
The formation of continuous red candlesticks on the 4-hour chart over the past 24 hours indicates that the bears remain in complete control of this digital coin. But this chart also identified a sharp drop in XRP price in the last 4 hours.
XRP’s 4-hour chart. Source: TradingView
As the 24-hour chart indicated, there is also a vast separation between the limits of the Bollinger bands on this 4-hour chart, meaning high volatility. On this chart, the upper and lower limits correspond to the $.803 and $0.632 price levels, respectively, with their average corresponding to the $0.718 mark.
The MA is currently below the volatility indicator’s average line. Furthermore, the RSI is now within the oversold region at 27 and continues to decline, indicating intense selling pressure. Today’s market crash proved the intense selling pressure in the crypto market affecting Ripple’s price. Unfortunately, there is no end in sight to the declining market prices.
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