- XRP rejected further upside overnight.
- $0.90 resistance still holds.
- Next support at $0.80.
Ripple price analysis is bearish for today as a strong rejection for further upside was seen overnight. Therefore, we expect XRP/USD to move lower later today and try to retest the $0.80 support later this week.
The overall market traded with a bullish momentum over the last 24 hours. Bitcoin has increased by 3.46 percent, while Ethereum by 5.7 percent. Polkadot (DOT) is among the best performers with a gain of 16.5 percent.
Ripple price movement in the last 24 hours
XRP/USD trades with a market capitalization of $41.3 billion, ranking the cryptocurrency in 7th place overall. 24 hour trading volume has increased by almost 17 percent and totals $3.55 billion.
XRP/USD 4-hour chart – XRP retests the $0.90 mark
On the 4-hour chart, we can see the Ripple price rejecting further upside around $0.90 mark overnight as bears prepare for another push lower.
The overall Ripple price action sentiment is still bearish as a significant retracement was set over the past weeks from the last swing high of $1.10. After a brief retest of the $1.10 resistance on the 3rd of June, XRP/USD retraced 25 percent to the $0.80 support.
Over the weekend, the $0.80 mark was retested for the third time, indicating that bears have lost their momentum and we could see reversal this week. However, the $0.90 resistance was tested with a rejection overnight, indicating that the market is essentially trading sideways right now.
Therefore, before the trend direction for the remainder of the month can be set, Ripple has to break either above the $0.90 resistance or $0.80 support. Overnight we saw the $0.90 resistance tested again with a rejection, meaning that bears will take over later today and poush the market towards the $0.80 support again.
If the $0.80 support breaks, we can expect XRP/USD to move much lower later this week, with the next support located at the $0.64 mark. This would mean that the Ripple price action will continue being bearish over the next weeks.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish as further upside was rejected around the $0.90 mark overnight. This should lead to another retest of the $0.80 support later this week. If the $0.80 support breaks, the overall price action structure will turn even more bearish.
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