Ripple trading volume drops as chances of breaking $0.77 are low

Ripple price analysis for April 20, 2022, ends on a sluggish note for the XRP token with low but considerable chances of breaking the $0.77 price region. Furthermore, the token has faced a major resistance at the $0.8 price region which XRP has failed to break above on a number of occassions. On the contrary, the investors project a $1 price level in the coming days which might seen likely. For now, to confirm an uptrend, XRP needs to break above $0.8 and hold. On the other hand, the XRP analysis for April 20, 2022, the $0.75 is holding as a minor support.

The data from CoinMarketCap shows that the trading volume of Ripple has surged by 40.29%, followed by a surge of nearly 1.19% in the market cap. Moreover, the Market Dominance jumped to 1.96%, while the Volume / Market Cap Ratio stands at a value of 0.05663. 

The daily candle for the token opened at a price of $0.7749 and reached a daily high of $0.7753. Meanwhile, the daily low for the token stands at a price of $0.7615. At the time of writing, the price of 1 XRP stands at a price of $0.7683.

Ripple price analysis for April 20 on the daily chart

The Ripple price analysis for April 20 will take into consideration the data from the indicators placed in the daily chart below.

Source: TradingView

The RSI indicator reads below 49 which confirms that chances of Ripple turning bullish are currently quite high.

The MACD indicator shows that the MACD line and signal line are very close to each other and we have witnessed a bullish divergence of the XRP token.

The price action for XRP is retesting the middle zone of the Bollinger Bands which if successfully, will lead to higher prices.

Conclusion

Ripple price analysis for April 20, 2022, ends on a slightly bullish note for the token as indicators hint that higher prices will follow.