Ripple (XRP) price analysis is bearish for Nov 22. The token opened the day at $1.05 and continues in the same range for the time being. The current levels seem to be a correction of the bullish prices experienced in late October and early November.
The nearest resistance for the bulls stands firm at $1.11, which is not letting the prices move upward. This is followed by support present at $1.06. The current prices stand at $1.04, and it seems that the support didn’t remain firm. If the daily candle closes below this level, we might see the onset of lower prices.
Considering the historical data, the prices remain bullish, rising from $0.5 in July to above $1. This is more than a 100% gain.
As per data from CoinMarketCap, the trading volume rose by 15.35% and is currently at $2.6 billion. On the other hand, the market cap of the token stands at $49.5 billion, with a rank of 7 in the market.
Ripple (XRP) price analysis on the 1-day chart
The Ripple (XRP) price analysis on the daily chart by TradingView shows that the token’s prices continue to progress above the 50-day and 100-day Moving Averages. Furthermore, the price action fell down to the lower end of the Bollinger Bands, as we witnessed a bearish breakout a few days ago.
The RSI indicator shows that the prices remain active in the lower region and move towards the oversold region. The gradient of the line is negative, as prices fall and movement is sluggish and bearish as well.
The MACD indicator also shows a bearish movement as the orange line (signal line) broke above the blue line (MACD line) just a few days ago. The MACD histogram is filled with bearish red bars as selling pressure increases, and buyers are unable to keep up.
Conclusion
Indicators are pointing towards bearish price action, and if the scenario continues, Ripple might fall further. The bearish movement is also pointing towards good buying opportunities.