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XRP Price Analysis 23/03: XRP Falls Below $0.45 as Bears Dominate the Market

Date:

SNEAK PEAK

  • XRP token shows bearish pressure at $0.4485 after a strong sell-off.
  • The support for the XRP is weak at $0.4129, which is also the current low for the day.
  • The token is facing strong rejection at $0.4542, which is preventing it from a bullish breakout.

The latest Ripple price analysis reveals a strong bearish trend, as a steady decrease in price has been detected today. For the past few days, the  XRP token has been hovering above $0.4542 as bullish pressure was pushing it up. However, the bears have taken control of the market and are pushing the XRP token price below $0.45.

Currently, Ripple is trading at $0.4485 with a decrease of 1.83% over the past 24 hours as more selling pressure takes control of the market. The current support level for XRP is weak at $0.4129, which was also the low price point of the day. If bears continue their downward pressure and break below this level, then we can expect an even bigger sell-off in the token.

The token is currently facing strong rejection at $0.4542, which is preventing it from making a bullish breakout. If the bulls are able to break through this resistance level, then we may witness a price rally in the XRP token; however, as of now, the bears are in control of the market.

Most of the cryptocurrencies today are following the bearish trend set by XRP and have experienced a price drop. The top coins like Bitcoin, Ethereum, and BNB are all trading in the red with a decrease of 1.64%, 1.8%, and 1.83%, respectively, over the past 24 hours. It will be interesting to see how the XRP token behaves in the coming days, as bearish pressure still remains strong in the market.

Cryptocurrencies price heat map: Coin360
Cryptocurrencies price heat map: Coin360

The market capitalization for the XRP token is also dropping as the price dips and is currently at $22.5 billion, with a decrease of more than 1.98 percent over the past 24 hours. The 24-hour trading volume for the token is also decreasing and currently stands at $2.96 billion, which shows the lack of buying pressure in the market. The circulating supply for the token is currently at 50,950,912,949 XRP, indicating a steady decrease in the token’s price.

The technical indicators for the XRP token also show bearish signs as the moving average indicator is moving towards the downside. The 50-day moving average and the 200-day moving average are both inching lower, indicating a bearish trend. The RSI is currently at 61.76, which shows that there is more room for a price dip before it reaches oversold territory.

The daily Bollinger Bands are also contracting, indicating decreased volatility in the market as the price consolidates. The upper Bollinger band is currently at $0.4395, which is likely to act as a resistance in the near future. The lower Bollinger band is currently at $0.3298, which is likely to act as a strong support level for the token if the bearish pressure continues.

Overall, Ripple’s price analysis shows that there has been a significant sell-off, and bearish pressure is taking control of the market. The support for the token is weak, and if bears manage to break through it, then we can expect a bigger price drop. The technical indicators are also bearish and indicate further price dips in the near future.  However, if bulls manage to push past this resistance level, then we may witness a price rally in the XRP token. 

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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