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Ripple price analysis: XRP retraces from $0.74, prepares to move to $0.80?

Ripple Price analysis

TL;DR Breakdown

  • XRP retraced overnight.
  • Support found around $0.65 today.
  • Market set to move higher this weekend

Ripple price analysis is bullish for the upcoming days as the market retraced from a $0.74 high over the past days and retraced to the $0.65 mark. Therefore, we can assume XRP/USD has set a higher low, from which to start pushing higher over the following days.

Ripple price analysis: XRP retraces from $0.74, prepares to move to $0.80? 1
Cryptocurrency heat map. Source: Coin360

The crypto market trades in the red over the last 24 hours. Bitcoin has lost 1.3 percent, while Ethereum 4.2 percent. Solana (SOL) is among the worst performers, with a loss of around 6.1 percent.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6351 – $0.6712, indicating a strong amount of volatility. Trading volume has dropped by 16.65 percent and totals $2.36 billion. The total market capitalization trades around $29.6 billion, ranking the cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP prepares for another push higher?

On the 4-hour chart, we can see the Ripple price retracing over the past days and establishing a higher low in preparation for a further push higher.

Ripple price analysis: XRP retraces from $0.74, prepares for a move to $0.80?
XRP/USD 4-hour chart. Source: TradingView

The overall market still trades with a strong bearish momentum since further highs were not set at the beginning of June. After a retracement to the $0.80 previous support, XRP/USD did not reverse higher and eventually pushed lower again. 

On the 22nd of June, support around $0.50 was eventually reached, and a slight spike higher was made over the following hours to the $0.70 mark. Earlier this week, XRP/USD started moving higher again and set a slightly higher high at $0.73. 

From there, Litecoin moved lower until the $0.63 mark over the last 24 hours. Currently, we can assume that XRP/USD attempts to set a higher low, from which to push higher over the following days. However, a clear signal that a higher low is set is yet to be seen, meaning that some more downside can be expected over the rest of today.

Ultimately, once XRP established a higher low, we can expect another push higher over the weekend, with the next resistance target at $0.80. Once the $0.80 resistance is reached, the overall XRP/USD market structure will start to look a lot more bullish.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for the upcoming days as the market retraced to set a higher low overnight. Therefore, we can expect XRP/USD to push higher to the $0.80 mark and gain further bullish momentum unless further downside is seen.

While waiting for Ripple to make another wave higher, read our guide on DeFi advantages, Bitcoin fees, as well as what you can 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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