Ripple struggles to recover as price approaches $0.6 support

The price ripple continues to show an extreme bearish outlook as the price deepens to its lowest level since February 22, 2022. The downside triangle model deepens to almost $0.5 and drops to $0.63 in the last 24 hours. Resistance in the current trend is around $0.93 while support is at $0.6.

Beyond that point it will cause the price to be $0.5 in a game where buyers are expected to push the price up a bit. The 24-hour trading volume shows an 18 percent drop, further indicating a lower market valuation for XRP.

The larger cryptocurrency market has gained some momentum compared to Ripple’s price action as Bitcoin soared to $40,000. Ethereum was also up 2 percent, touching the $3,000 touchpoint, while the major altcoins saw modest gains. Cardano was up 1 percent at $0.84, while Dogecoin was down 2 percent at $0.13. Solana and Terra had small losses, while Polkadot was up slightly to $17.

Ripple Price Analysis: XRP Posts Lower Chart

Ripple’s 24-hour price analysis candlestick chart shows that the price recorded lower levels for several consecutive days starting April 20, 2022. The downward triangle has extended in the last 24 hours, reaching a price of $0.63.

The main 50-day exponential moving average (EMA) stands at $0.68, which is likely to be the next price target if buyers manage to strengthen the momentum to the upside. The Relative Strength Index (RSI) is well-floating in oversold territory at 31.47, further indicating a lower market valuation for XRP.

The moving average convergence divergence (MACD) has moved further from the neutral zone, forming a bearish spike on consecutive days since the start of the downtrend on April 22. The price is expected to rise in the next 24-48 hours if the bears push the USD 0.5 level. A peak of $0.7 could also be reached if the buyers manage to keep the current range intact and now create another low.