- XRP moved sideways yesterday around $0.60.
- Slight upside retracement overnight.
- Bears likely ready to push Ripple lower again.
Ripple price analysis is bearish for today as the market moved higher overnight and established a lower high. Therefore, we expect XRP/USD to move lower over the next 24 hours and try to breach the $0.50 support.
The overall crypto market trades with strong bullish momentum over the last 24 hours. Bitcoin has gained around 4 percent, while Ethereum almost 10 percent. The rest of the market follows this pattern with various bullish results.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.5976 – $0.6537, indicating strong volatility. The total market cap trades around $29.2 billion, ranking the cryptocurrency in 7th place overall. Meanwhile, the total trading volume still stands at around $2.26 billion as seen yesterday.
XRP/USD 4-hour chart – XRP prepares for another push lower?
On the 4-hour chart, we can see the Ripple price action setting a lower high from which to push lower over the next 24 hours.
The overall Ripple price action trades with a strong bearish momentum over the past weeks. After the last major swing high at $1.10, XRP/USD has retraced by more than 50 percent until the $0.50 low.
The $0.50 low, set on the 22nd of June was significantly lower than the previous one set at the end of May. Therefore, we can assume that the overall price action structure is still heavily bearish. This should lead Ripple towards further downside over the next weeks.
Late last week we saw Ripple retest the previous major support at around $0.70 as resistance. From there, XRP/USD moved lower and consolidated around the $0.60 mark.
After a brief upside test overnight, the 50 periods moving average red line was reached, indicating a strong resistance area. Together with the previous bearish price action development, this should lead Ripple toward another move lower over the next 24 hours.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish as the market has established another lower low overnight in preparation for further downside later this week. This price action development should lead XRP/USD towards a move below $0.50 support, with the next support seen at $0.40.
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