While Bitcoin is still above the $64,000 price level, Ripple has fallen below the $1.2 price level. As per the data from CoinMarketCap, the prices are up by 1.16% in the last 24-hours, with a 17.09% drop in the trading volume for the token. Although, XRP is still one of the most actively traded tokens on the platform, resting at $2,536,978,238.51.
On the other hand, the token’s market capitalization rose to $56.1 billion, by 1.34%. In the last few months, Ripple has shown bullish and growth. The token is yet to break its all-time high at $3.84, which was made 4 years ago and is currently 69% down.
A year ago, Ripple closed its monthly candle at $0.66 while the current price is at $1.9. The nearest resistance for the price action is present at $1.23, while the nearest support remains unbroken at $1.55.
Ripple price analysis on the daily chart
According to the price analysis on the daily chart, Ripple’s price action is quite sluggish, and if current conditions prevail, traders might witness a price drop soon. The 50-day and 100-day Moving Averages are progressing below the price action, indicating a bullish long-term scenario.
The price action failed to break out from the upper end of the Bollinger Bands. As a result, prices turned bearish but haven’t fallen to the lower end of the Bollinger Bands.
The Ripple price indicators are gradually turning bearish. The RSI indicator is nearly flat, which is a representation of sluggish price movement. On the other hand, the MACD indicator turns bearish as the signal line (orange) crosses above the blue line (MACD), resulting in a bearish crossover.
Ripple price action is sluggish for today as the token is trading below the $1.2 level. If this continues, we might see the price action turn bearish for the short term on the daily chart.