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Ripple price analysis: XRP moves sideways overnight, spike to $0.60 next?

Ripple Price analysis

TL;DR Breakdown

  • XRP set a lower high yesterday.
  • Market consolidated around $0.66 overnight.
  • Next push to the $0.60 support

Ripple price analysis is bearish for the upcoming day as the market set a lower high around $0.70 and started consolidating from there. Considering the overall market price action, we can assume that Ripple will push lower today and reach the $0.60 support next.

Ripple price analysis: XRP moves sideways overnight, spike to $0.60 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has remained relatively flat with a small loss of 0.13 percent, while Ethereum around 1.9 percent. The rest of the market trades with similar, slightly bearish results.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6548 – $0.6799, indicating a moderate amount of volatility. Trading volume has decreased by 4.5 percent and totals $2 billion. Meanwhile, the total market cap trades around $30.8 billion, ranking the cryptocurrency in 6th place overall.

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

On the 4-hour chart, we can see the Ripple price consolidation in preparation for another push lower.

Ripple price analysis: XRP moves sideways overnight, spike to $0.60 next?
XRP/USD 4-hour chart. Source: TradingView

The overall market price action trades within a several-week bearish momentum. After spiking to the $0.50 mark on the 23rd of June, XRP/USD rallied for more than a week until the 100 day moving average blue line was reached.

From there, XRP/USD could not move any higher earlier this month and established a lower high around $0.70. What resulted was a push lower on Monday and a consolidation of around $0.66 from there. 

Therefore, Ripple is primed to move lower again and attempt to test further lows later this month. First, the $0.60 support will likely offer some support, and if broken, would likely further increase the speed at which Ripple price drops further.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish overall as the market set a lower high around $0.70 after the previously seen several-week bullish momentum got exhausted. Therefore, we expect XRP/USD to move lower later today and reach the $0.60 support next. 

While waiting for Ripple to move lower, read our guides 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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