Ripple might lose $0.70 as support if bulls don’t take over soon

Ripple price analysis for April 22, 2022, comes on a bearish note for the token with increased chances of losing the $0.70 price level. Moreover, the token had tried to break into the $0.8 price region, but it found resistance around the $0.77-$0.8 price region, which caused the XRP token to retrace its steps back to the $0.73 price region. In the last 24 hours, we have seen a price drop of 2.79%, which confirms that the bulls are not to keep up with the bears. Ripple price analysis for April 21, 2022, noted that the token wasn’t able to make higher highs as well. 

The data from CoinMarketCap shows that the trading volume of Ripple has jumped by 15.85%, followed by a drop of nearly 2.79% drop in the market cap. Moreover, the Market Dominance remains at 1.88%, while the Volume / Market Cap Ratio stands at a value of 0.05795. 

The daily candle for the token opened at a price of $0.7328 and reached a daily high of $0.7355. Meanwhile, the daily low for the token stands at a price of $0.7282. At the time of writing, the price of 1 XRP stands at a price of $0.7328.

Ripple price analysis for April 22 on the daily chart

The Ripple price analysis for April 22 will take into consideration the data from the indicators placed in the daily chart below.

Source: TradingView

The RSI indicator reads below 43, which confirms that the bears have regained their dominance over the price action, and we can expect lower prices.

The price action for XRP is situated in the lower end of the Bollinger Bands, which means that the chances of lower prices seem quite high. 

The MACD indicator shows that the MACD line and the signal line are nearly overlapping as the bulls and bears continue to fight for domination. 

Conclusion

Ripple price analysis for April 22, 2022, shows that XRP has failed to reach higher highs and hold above the $0.77 price region. We can expect prices to drop further.