Ripple set to lose $0.7 support as market sentiment remains in fear

Ripple price analysis for March 7, 2022, confirms that the token has turned bearish following a surge in selling pressure, and there is a huge chance that SOL might break below the $0.7 price level. The XRP price analysis for March 4, 2022, showed that the token made an attempt to reclaim $0.8 and failed, continuing the downtrend. 

The data from CoinMarketCap shows that the trading volume of the token has dropped by 8.45% in the last 24 hours, followed by a 4.29% drop in the market cap. However, the Market Dominance has surged to 2.01 while the Volume / Market Cap Ratio stands at a value of 0.05894. 

The daily candle for the token opened at a price of $0.7252 and reached a daily high of $0.7262. Meanwhile, the daily low for the token stands at a price of $0.7067. At the time of writing, the price of 1 XRP stands at a price of $0.7161.

Ripple price analysis for March 7 on the daily chart

Ripple price analysis for March 7, 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 signal line remains above the MACD line, which means that the bull has lost its dominance and the MACD histogram remains bearish with red bars. 

The RSI line has a value of 46.11 which means that the selling pressure has surged beyond the expectations of the bulls. Moreover, the gradient of the line is negative for today, which means that lower prices will follow today.

The price action is situated in the lower end of the Bollinger Bands, which means that the prices continue to follow a bearish trajectory. The chances of a bearish breakout from the lower end of the Bands are very high.

Conclusion

Ripple price analysis for March 7 confirms that the token remains stuck in a downtrend as XRP is set to break below $0.70.