Ripple loses $0.8 as support: Sell off before more damage?

Cryptocurrency Price analysis and Prediction

April 07, 2022

Cryptocurrency Price analysis and Prediction

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Solana price analysis for April 7, 2022, comes on a sad note for those who have invested in them. It is important to note that the token has lost the $0.8 price support, something that TheCoinRise had noted for a long time. Furthermore, as per our XRP price analysis for April 6, 2022, the possibility of Ripple once again breaking above the $0.8 price level seems quite low. Investors might also witness XRP lose the 10th position in the crypto market in the near future.

The data from CoinMarketCap shows that the trading volume of Ripple has jumped by 35.25%, followed by a drop of 0.71% in the market cap. Moreover, the Market Dominance dropped to 1.84%, while the Volume / Market Cap Ratio stands at a value of 0.04572.

The daily candle for the token opened at a price of $0.8261 and reached a daily high of $0.8308. Meanwhile, the daily low for the token stands at a price of $0.8233. At the time of writing, the price of 1 XRP stands at a price of $0.8279.

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Ripple price analysis for April 7 on the daily chart

The Ripple price analysis for April 7 will consider the data from the daily chart below, which includes three major indicators in the field of technical analysis.

Source: TradingView

Ripple RSI reads a value above 45 which means that the bulls are gradually fading away as chances of another price crash towards the lower $0.7 price zone seem high.

Furthermore, the MACD indicator confirms that the MACD line is below the signal line, which means that we can expect a bearish drop in the coming days.

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The price action is situated in the lower end of the Bollinger Bands as investors can expect Ripple to drop further as the selling pressure continues to remain dominant.