Ripple holds support at $0.7: Regains 6th position in the market

The Ripple price analysis for April 12, 2022, confirms that the token is holding strong at the price of $0.7 price level. Furthermore, the nearest resistance for the token can be seen at the price of $0.8 which was earlier major support for the XRP price action. It is also important to note that as per our XRP price analysis for April 11, 2022, the token showed a high probability of dropping below the $0.7 price region but it was confirmed that it successfully rebounded from $0.69.

The data from CoinMarketCap shows that the trading volume of Ripple has surged by 85.63%, followed by a drop of nearly 5.23% in the market cap. Moreover, the Market Dominance surged to 1.84%, while the Volume / Market Cap Ratio stands at a value of 0.06968. 

The daily candle for the token opened at a price of $0.6949 and reached a daily high of $0.7051. Meanwhile, the daily low for the token stands at a price of $0.6931. At the time of writing, the price of 1 XRP stands at a price of $0.7002.

Ripple price analysis for April 12 on the daily chart

The Ripple price analysis for April 12 will take into account the data from the daily chart below with 3 major indicators integrated into it.

Source: TradingView

The MACD line and the signal line are moving apart as the MACD histogram has also turned bearish. This confirms that the bulls are losing some of their grips.

The RSI indicator reads a value below 35 which confirms that there is a surge in selling pressure while the gradient of the line suggests that lower prices are possible. 

The price action broke out of the lower end of the Bollinger Bands which is another bearish indication hinting that Ripple might fall further. 

Conclusion

The Ripple price analysis for April 12, 2022, comes on a bearish note but is also important to note that XRP has been holding strong at $0.7