Ripple price has been under pressure in the past few days as it struggles to maintain its position around $0.3500. XRP is currently trading at $0.3535, down by 4.63% over the past 24 hours, and it is struggling to maintain its bullish momentum. Ripple price has been fluctuating between $0.3514 and $0.3727 in the past few hours and a breakout from this range is needed for it to stage a recovery.
Ripple formed a descending channel on the 4-hour chart, indicating that bearish pressure is likely to continue in the near term. If XRP continues to struggle around $0.3535, it could face further selling pressure and drop below $0.3400.This pattern will be confirmed if XRP breaks below the support at $0.3401.
However, if Ripple’s price manages to break above $0.3600, it could stage a recovery and climb toward the next resistance level at $0.3720. In order for this scenario to play out, it is important that XRP remains well above the support at $0.3401.
The Ripple price is just below the 50-day SMA, which is a bearish sign. Additionally, the relative strength index (RSI) is currently in neutral territory, signaling that neither bulls nor bears have an edge in the market. However, there are some signs of bullish momentum as XRP recently managed to climb above the 100-day EMA and 200-day EMA.
The price level sinks below the 50-day moving average
Ripple price movement has marked a growing bearish trend, as it continues to trade below the 50-day moving average (MA), a key price level that has been instrumental in determining price trends for the digital currency.
The RSI is currently heavily biased toward sellers, which further indicates that Ripple could continue to decline. The Relative Strength Index is resting at 35.44,almost touching the oversold level.
Looking ahead, if Ripple stays below the 50-day MA, it could drop to $0.3250 in the near term. On the other hand, a break above $0.3600 could open up a path toward $0.3720 and even higher levels in the days ahead.
The ATR indicator used to measure volatility is at 0.08, and it has been stable over the past few days, which suggests that volatility might not be as high in the near term. Moreover, the selling pressure is mounting as the price declines further below the moving average.
Ripple price action on a daily chart
The daily Ripple price analysis reveals a bearish trend that is still likely to continue in the near term. XRP has formed a descending channel pattern and it is currently trading at $0.3532, indicating further downside momentum.
XRP is below both the 100-day MA and 200-day MA, which suggests that more declines are waiting for Ripple traders in the near term. Looking at the retracement levels, there is a possibility that Ripple could hit the 38.2% Fib as it struggles to overcome the current resistance level at $0.3600.
If Ripple’s price breaks below this support and falls toward $0.3250, we may see some relief from sellers in the weeks ahead. However, if there is a steady consolidation around $0.3600, we may witness a rally to $0.3720 or even higher levels in the near term.
In conclusion, Ripple will likely struggle to stage a meaningful recovery until it breaks above $0.3600. If it drops below $0.3401, there could be further declines in the near term. On the other hand, if XRP breaks above $0.3600, it could gain momentum and test higher resistance levels in the days ahead.
