- The Ripple price is down by almost 9% as crypto markets tanked.
- XRP has been extremely bearish in recent sessions and has started the current week with a drop of nearly 10%.
The Ripple price continued to drop after failing to move past the 50-day SMA on Wednesday, as markets crashed due to a host of factors. XRP had started the week in the red, dropping below the 20 and 50-day SMAs on Monday and settling at $0.70. On Tuesday, the price recovered but fell back again on Wednesday, dropping by almost 4%, falling to $0.69. The current session sees XRP down by almost 9%, with sellers looking to push the price lower.
Ripple Price Chart Indicates XRP Could Drop to $0.60.
The Ripple price had started the previous week on a fairly bearish note, registering a marginal drop on Monday. The price recovered on Tuesday, pushing up by over 6% and moving to $0.85, before dropping back on Wednesday, falling to $0.83. Thursday saw the bearish sentiment intensify, with the price falling by over 8%, dropping to $0.68. Despite the bearish sentiment, XRP recovered on Friday, rising by over 2% and settling at $0.78.
Image: XRP/USD daily
The bullish sentiment persisted over the weekend, as the Ripple price pushed up by almost 5% on Saturday, moving to $0.82. However, the price fell back on Sunday, dropping by 5.50% to $0.77. Monday saw the Ripple price continue to drop, as it slipped below the 20 and 50-day SMAs, dropping to $0.70 after a fall of almost 10%. On Tuesday, the price pushed up, but with the 50-day SMA acting as resistance fell back on Wednesday, falling by 3.52% and then registering a sharp drop during the ongoing session.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
More On Ripple: Is Ripple a Good Investment?
Image: XRP/USD 4-hour
Looking at the 4-hour Ripple price chart, we can see that XRP had pushed up to $0.83 on the 19th, pushing above the 20 and 50-bar SMAs. The price fell back from this level, dropping back below the 20 and 50-bar SMAs and settling at $0.77. XRP pushed up marginally from this level but fell back significantly, falling below the 200-bar SMA and settling at $0.67 on the 22nd. The price pushed back up from this point, moving back above the 200-bar SMA and rising to $0.73 on the 23rd. However, the price could not move past the 20-bar SMA and fell back, dropping to its current level of $0.63.
We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.
Ripple Price Is Expected To Reach These Levels
Looking at the Ripple price chart, we see that XRP has registered a significant drop during the current session. If the bearish sentiment persists, we could see XRP drop to $0.60 or below.