Ripple moves towards $0.8 price region as sluggish movement continues

Cryptocurrency Price analysis and Prediction

April 08, 2022

Cryptocurrency Price analysis and Prediction

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Ripple price analysis for April 8, 2022, confirms that the XRP token has completed a bearish trajectory, and it seems that the fight of the bulls against the bears currently holds the former as winners. This is because, as per our XRP price analysis for April 8, 2022, the chances of XRP breaking above the $0.8 price region seem low, and it was lost after a huge surge in selling pressure. Furthermore, the XRP token has been holding $0.78 as support for now.

The data from CoinMarketCap shows that the trading volume of Ripple has dropped by 39.93%, followed by a surge of 1.71% in the market cap. Moreover, the Market Dominance rose to 1.88%, while the Volume / Market Cap Ratio stands at a value of 0.03802.

The daily candle for the token opened at a price of $0.7870 and reached a daily high of $0.7935. Meanwhile, the daily low for the token stands at a price of $0.7846. At the time of writing, the price of 1 XRP stands at a price of $0.7922.

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Ripple price analysis for April 8 on the daily chart

The Ripple price analysis for April 8 will take into consideration the data from the indicators below, which will help us predict the future prices of the token.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving further apart, which was a result of a bearish divergence that was witnessed on the daily chart earlier.

The RSI indicator shows a value above the 46 mark which means that the bears are currently in control of the price action of Ripple. The gradient of the line suggests that lower prices might follow.