- 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.
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.
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.
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