Ripple bulls hold strong at $0.7 price support: Bulls aim higher

Cryptocurrency Price analysis and Prediction

April 13, 2022

Cryptocurrency Price analysis and Prediction

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Ripple remains above the $0.7 price support as the chances of losing this price region seem low. The bulls are currently in control of the price action as we have seen a surge of 4% in the last 24 hours. Furthermore, as noted in our XRP price analysis for April 12, 2022, the token has been not been making very big moves recently. Many people have been comparing XRP to a stablecoin as well. The nearest resistance for the token rests at $0.8.

The data from CoinMarketCap shows that the trading volume of Ripple has dropped by 18.24%, followed by a surge of nearly 2.92% in the market cap. Moreover, the Market Dominance remains at 1.84%, while the Volume / Market Cap Ratio stands at a value of 0.05505.

The daily candle for the token opened at a price of $0.7151 and reached a daily high of $0.7198. Meanwhile, the daily low for the token stands at a price of $0.7093. At the time of writing, the price of 1 XRP stands at a price of $0.7181.

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Ripple price analysis for April 13 on the daily chart

The Ripple price analysis for April 13 will take into account the data from the daily chart below which has 3 major indicators embedded in it.

Source: TradingView

The RSI indicator reads a value below 39 which means that the bears are in control of the price action for Ripple and the gradient of the line suggests that lower prices might be seen.

The MACD indicator shows that the MACD line is below the signal line which means that selling pressure for XRP is currently dominating and the demand is quite less.