Ripple drops nearly 4% in 24 hours as chances of losing $0.7 are high

Ripple price analysis for April 11, 2022, ends on a bearish note for the token as chances of losing the $0.7 price level seem quite high for the token. Investors have been complaining that XRP has been more like a stablecoin in recent days following a loss of interest in the crypto space. The Ripple price analysis for April 8, 2022, noted that the token tried to maintain prices above $0.8 but failed to do so. 

The data from CoinMarketCap shows that the trading volume of Ripple has surged by 30.97%, followed by a drop of nearly 4% in the market cap. Moreover, the Market Dominance dropped to 1.83%, while the Volume / Market Cap Ratio stands at a value of 0.03502. 

The daily candle for the token opened at a price of $0.7543 and reached a daily high of $0.7558. Meanwhile, the daily low for the token stands at a price of $0.7317. At the time of writing, the price of 1 XRP stands at a price of $0.7366.

Ripple price analysis for April 11 on the daily chart

The Ripple price analysis for April 11 will take into account the readings from the indicators on the daily chart below which will help us track the future prices for the token.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very far apart as the signal line is dominating which means that the bears are currently in control of the price action.

The RSI indicator reads a value below 39 which means that selling pressure and gradient of the line suggest that lower prices are possible for the Ripple token.

The price action aims to break out from the lower region of the Bollinger Bands confirming the formation of lower lows. 

Conclusion

Ripple price analysis for April 11, 2022, ends on a bearish note for the token as the chances of losing $0.7 are very high.