- XRP moved lower overnight.
- XRP/USD price approached $0.60 support.
- Further downside still expected.
Ripple price analysis is bearish for today as the market set a lower high earlier this week and currently moves lower again to the $0.60 support. Therefore, the market momentum has shifted back to being bearish as we can expect further downside from there.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6164 – $0.6727, indicating strong volatility over the last 24 hours. Trading volume has increased by almost 11 percent and totals $2.3 billion. Meanwhile, the total market cap trades around $28.4 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – XRP spikes lower again
On the 4-hour chart, we can see the Ripple price action pushing lower today after failing to reach a higher high earlier this week.
Looking at the Ripple price action development over the past weeks, we can see that bulls took over control after a huge decline to the $0.50 mark was seen in June. From there, XRP/USD started rallying with a clear higher high set around the $0.73 mark.
However, XRP/USD failed to set further highs and found resistance around the $0.70 mark. From there, a slight drop lower was seen earlier this week, which resulted in a consolidation and a subsequent push lower overnight.
Overall this indicates that Ripple still is not ready to move higher, and we can expect XRP/USD to test the $0.60 support next. From there, we will likely see a slight rally higher and another push lower, which will likely result in a lot more downside over the following weeks.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as the market set a lower high earlier this week and, after some consolidation, broke lower overnight. Therefore, we can expect XRP/USD to push towards further downside to the next support around $0.60.
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