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Ripple price analysis: Ripple spikes to $0.50, prepares for a sharp retrace? 

Ripple price analysis

TL;DR Breakdown

  • 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.

Ripple price analysis: Ripple spikes to $0.50, prepares for a sharp retrace?  1
Cryptocurrency heat map. Source: Coin360

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.

Ripple price analysis: Ripple spikes to $0.50, prepares for a sharp retrace?
XRP/USD 4-hour chart. Source: TradingView

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.

While waiting for Ripple price to regain some of the loss, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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