- XRP moved lower overnight.
- Sharp push lower over the past hours.
- Closest major support at $0.50
Ripple price analysis is bullish for the next 24 hours as XRP/USD spiked to the $0.50 support over the past hours and currently rejects further downside. Therefore, we expect XRP/USD to move higher to regain some of the loss seen over the past few days.
The overall market trades with a strong bearish momentum over the last 24 hours. Bitcoin has decreased by 9.3 percent, while Ethereum 12 percent. Meanwhile, Ripple (XRP) is among the worst performers with a loss of 21 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.5145 – $0.6841, indicating a huge amount of volatility. Trading volume has increased by 17.43 percent and totals $.38 billion. Meanwhile, the total market cap trades around $24.7 billion.
XRP/USD 4-hour chart – XRP spikes to $0.50?
On the 4-hour chart, we can see the Ripple price action rapidly moving towards the $0.40 mark over the past hours, with some rejection for further downside seen over the past hours.
The overall market structure is still extremely bearish. After Ripple price established a clear resistance around the $1,10 mark during the end of May, several weeks of retracement followed with the $0.80 mark acting as support several times.
However, the $0.80 support broke on the 18th of June, and a lot more further downside was seen over the following days. Over a 30 percent retracement was set from the $0.80 mark, indicating that bears are likely exhausted and support could finally found above the $0.50 mark.
Therefore, it is crucial how the XRP/USD will react over the next hours. If we can see further upside, the market will likely start to move higher over the next 24 hours to regain some of the loss seen over the past few days. Alternatively, XRP is expected to push lower and breach the $0.50 mark.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish as we can see the first signs of rejection for further downside over the past hours. Therefore, we expect XRP/USD to move higher towards the $0.64 mark to retest it as resistance once again.
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