Ripple to drop out of top 10 as $0.8 continues to hold as support

Ripple price analysis for April 6, 2022, begins on a bearish note for the token as bears have taken charge and it seems that the token might be pushed out of the top 10 cryptocurrencies in the market. It is also important to note that as per our XRP price analysis for April 5, 2022, the XRP token has been performing quite poorly as investors expected a move towards $1 but the bulls have failed to break above $0.9 resistance. 

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.

Ripple price analysis for April 6 on the daily chart

The Ripple price analysis for April 6 will take into account the data from the daily chart below which consists of 3 major indicators integrated into it.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the MACD histogram is also bearish. We also witnessed a bearish divergence in the past few days. 

The RSI indicator reads a value below the 50 mark which means that the bears might pull the prices below $0.8 soon which would mark a sharp decline in the market cap. 

The price action for Ripple might drop to the bearish region of the Bollinger Bands in the coming days which means that investors might be let down.

Conclusion

The Ripple price analysis for April 6, 2022, ends on a bearish note for XRP as prices might decline below the $0.8 price region.