- XRP moved higher yesterday.
- Resistance around $0.70 reached earlier today.
- Market likely to reject further upside.
Ripple price analysis is bearish for the next 24 hours as the market has reached the $0.70 resistance with a quick spike higher over the past hours. Therefore, we can expect XRP/USD to start moving lower over the next 24 hours to reach further lows.
The overall market trades in the green over the last 24 hours. Bitcoin gas gained 2.4 percent, while Ethereum trades with almost a 5 percent gain. Dogecoin is among the worst performers, with a loss of almost 1 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6651 – $0.7, indicating a moderate amount of volatility over the last 24 hours. Trading volume has slightly decreased to $1.88 billion, while the total market capitalization trades around $31.85 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP retests $0.70 resistance
On the 4-hour chart, we can see the Ripple price moving higher over the last 24 hours to retest the $0.70 resistance again.
The overall Ripple price structure is still bearish as a strong move lower was seen over the past weeks until the $0.50 support. Since the $0.50 low is significantly lower than the previous major low, around $0.70, set at the end of May, we can assume that bears will attempt to move the market lower later this month.
The overall market trades in the green over the past as bulls look to regain some of the loss and retrace the market higher. A higher-high was set earlier this week, indicating bullish momentum building. However, the following retracement moved slowly below the several-day ascending support trendline, indicating that the bullish momentum is lost.
Yesterday, XRP/USD moved higher again until the $0.70 resistance, where a reversal likely will be seen over the next hours. Therefore, we expect XRP/USD to start pushing lower again later today to continue trading along with the overall several-week bearish momentum.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next 24 hours as the market has moved towards the $0.70 resistance after breaking below the several-day ascending support trendline. From there, we expect another push lower as bulls have lost momentum and another several-day push towards the previous low around $0.50.
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