- XRP moved lower over the past hours.
- $0.64 support to be tested next.
- Ripple to move higher over the next 24 hours.
Ripple price analysis is bullish for the remainder of today as bears have pushed the market to the $0.64 support over the past hours and some rejection for further downside is seen. Therefore, we expect XRP/USD to regain some of the loss later today.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6545 – $0.7798, indicating a good amount of volatility. Trading volume has spiked by 34.5 percent and totals $3.67 billion. Meanwhile, the total market cap stands at $31 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – spiked to $0.64
On the 4-hour chart, we can see the Ripple price action moving lower to test the $0.64 previous major swing high.
XRP/USD 15-minute chart
Taking a closer look at the price action development over the past hours, we can see that Ripple price spiked to the $0.65 mark over the past hours. From there, the market retraced some of the loss and retested the $0.68 previous support as a resistance.
This Ripple price action development should lead XRP/USD towards another push lower over the next hours, with the $0.64 mark as the support to be tested next.
The overall Ripple price action development is bearish over the past weeks. After spiking to the $0.64 mark first on the 23rd of May, XRP/USD quickly rebounded to the $1.10 mark in two wave to the upside.
From there, Ripple moved lower over the past weeks until support was finally found at around $0.80. This support was retested earlier last week, and after almost moving above the previous local low, the price action indicated a reversal.
However, on the 18th of June, Ripple spiked lower once more, and after some consolidation, pushed to the $0.70 mark. Yesterday, a brief rally made a lower local high, from which the market reversed to the downside once again.
Over the past hours, XRP/USD pushed even lower until the major support at $0.64 was almost reached. This means that Ripple price is in a decision right now where to go next. If the further downside is seen, we can expect a lot more downside over the next weeks.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for today, however bearish for the upcoming hours as bears will likely want to test the $0.64 over the following hours. However, from there, we should see a much stronger rally to the upside and above the $0.68 mark.
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