Ripple fails in another attempt to reclaim $0.8: Here’s what you should know

Ripple price analysis for March 4 confirms that the token has turned bearish following a sell-off which was initiated by Bitcoin’s drop below the $44K price region. The XRP token has seen major resistance at the $0.8 price level, as noted in our Ripple price analysis for March 3, and it seems that for the time being, the token doesn’t have what it takes to break above $0.8.

The data from CoinMarketCap shows that the trading volume of the token has shot up by 1.31% in the last 24 hours, followed by a 4.15% drop in the market cap. Moreover, the Market Dominance has fallen to 1.92% from 2% in Feb, while the Volume / Market Cap Ratio stands at a value of 0.06666. 

The daily candle for the token opened at a price of $0.7514 and reached a daily high of $0.7539. Meanwhile, the daily low for the token stands at a price of $0.7235. At the time of writing, the price of 1 XRP stands at a price of $0.7326.

Ripple price analysis for March 4 on the daily chart

Ripple price analysis for March 4, 2022, confirms that the token has turned bearish, but it is important to use these three major indicators to analyze XRP’s price trajectory.

Source: TradingView

The RSI line has a value of 47.49 which means that the bears are in charge of the entire price trajectory for the time being. The gradient of the line is negative for today, and lower prices will be witnessed. 

The MACD indicator shows that the MACD line is below the signal line, but both are very close to each other. The histogram is also bearish. 

The price action has dropped down to the lower end of the Bollinger Bands, which means a surge in selling pressure and chances of Ripple breaking below $0.7 might be high.

Conclusion

Ripple price analysis for March 4 confirms that the token is following a bearish trajectory with huge chances of falling below the $0.7 price level.