Ripple drops to 8th position as market remains bullish: Short or HODL?

Ripple price analysis for April 4, 2022, confirms that the token has turned bullish following a huge surge in buying volume. Moreover, the chances of XRP reclaiming $1 in the near future seem quite low as the entire market continues to recover from the bearish pressure created by the huge sell-off in the month of November. The XRP price analysis from April 1, 2022, confirms that the token has underperformed and dropped to the 8th position from 6th.

The data from CoinMarketCap shows that the trading volume of Ripple has jumped by 53.01% followed by a drop of 5.79% in the market cap. Moreover, the Market Dominance dropped to 1.92% while the Volume / Market Cap Ratio stands at a value of 0.07199. 

The daily candle for the token opened at a price of $0.8149 and reached a daily high of $0.8317. Meanwhile, the daily low for the token stands at a price of $0.8079. At the time of writing, the price of 1 XRP stands at a price of $0.8157.

Ripple price analysis for April 4 on the daily chart

The Ripple price analysis for April 4 will take into account the data from the 3 major indicators in the crypto market placed on the market below:

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other with the former line being below the latter which confirms that the bears remain in control of the price action for Ripple. 

The RSI indicator reads a value of 53.67 which means that the chances of losing $0.8 as price support are high as the gradient of the line suggests that bulls are losing hold of the price action. 

The price action for Ripple is testing the middle zone of the Bollinger Bands and investors can hope for higher prices in the coming days. 

Conclusion

The Ripple price analysis for April 4, 2022, ends on a bearish note for the token as the chances of losing $0.8 as a support are high.