Ripple (XRP) Bulls Surrender at $0.8 – Price Analysis

• Ripple price displays a bearish outlook today.
• The remittance token has its critical resistance at $1.0.
• XRP secures support at $0.81.

The world’s remittance token XRP sees a bearish day. That comes as bears extended their actions down, taking the altcoin towards the lower range of $0.8. Keep in mind that Ripple encountered rejection early yesterday at $0.96. Remember, bulls attempted to dominate again, but they failed, and XRP continued to drop. Nevertheless, the crypto plummeted lower toward $0.88. Meanwhile, bulls showed their presence again, lifting XRP to $0.89. Bears appear to tighten their place, and they might define XRP’s trend throughout the day.

XRP Drops $8.3%, More Losses to Follow

According to the one-day chart, Ripple underwent devaluation on early Friday. That follows as the token maintained a downward trend for the past few days. While writing this article, XRP/USD trades at $0.79 and has chances to suffer more devaluation later on. Ripple has dropped more than 8.3% over the past 24 hours and maintains a downwards price function. For now, the token trades 6.1% lower over the past seven days. While the trading volume surged by over 29%, RXP market capitalization plunged by more than 7.05%.

Bollinger Bands indicators suggest a downside breakout. They have their ends heading downwards with a significant gap between them, confirming massive volatility. XRP wavers beneath the bottom band at around $0.88. The level now acts as support, while the indicators’ average line at $1.02 servers as XRP’s resistance level.

The Relative Strength Index stays at the 31-mark, nearing the undersold territory on a downward stance. Amplified selling pressure will have the Relative Strength Index entering the oversold area. That will mean recovery chances wane for a long.

Ripple has been on a downtrend mode since December 1. The four-hour chart has the RSI indicating the worst to come. Market players can hardly expect upside actions in the upcoming sessions. However, if you target dip-buying, you can eye for entry-level. Nonetheless, XRP has a clear road towards levels under $0.7.

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