Ripple might lose the $0.70 price support: Time to buy the dip?

Ripple price analysis for March 8, 2022, confirms that the token has turned bearish and might remain the same if the bulls don’t take over the price action soon. The nearest support for the token exists around the $0.70 price zone and it seems that the chances of XRP breaking below this price support zone are very high, as noted in our XRP price analysis for March 7, 2022.

The data from CoinMarketCap shows that the trading volume of the token has shot up by 38.68% in the last 24 hours, followed by a rise of 0.54% in the market cap. Moreover, the Market Dominance has surged to 2.02% while the Volume / Market Cap Ratio stands at a value of 0.08128. 

The daily candle for the token opened at a price of $0.7196 and reached a daily high of $0.7270. Meanwhile, the daily low for the token stands at a price of $0.7161. At the time of writing, the price of 1 XRP stands at a price of $0.7247 which is 81.17% low from the all-time high.

Ripple price analysis for March 8 on the daily chart

Ripple price analysis for March 8, 2022, confirms that the token remains in a downtrend, and while the $0.70 remains support, for now, chances of XRP below $0.70 are very high.

Source: TradingView

The MACD indicator on the chart above for Ripple confirms that the signal line broke below the MACD indicator which means that the bears remain in charge of the price action. 

The RSI line has a value of 47.18 while the gradient of the line is turning slightly positive for today which means that bulls might try to fight back today. 

The price action for Ripple is situated in the lower end of the Bollinger Bands which means that soon, the bears might pull the prices below the $0.70 price zone. 

Conclusion

Ripple price analysis for March 8, 2022, confirms that the token has turned bearish and indicators say that XRP might go below $0.70. It’ll be a good time to buy the token then.