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Ripple price analysis: XRP breaks below $0.64 after failing to set further highs

Ripple Price analysis

TL;DR Breakdown

  • 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 analysis: XRP breaks below $0.64 after failing to set further highs 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has lost 7.1 percent while Ethereum 8.9 percent. The rest of the altcoin trades with similar results of a 6-9 percent loss.

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.

Ripple price analysis: XRP breaks below $0.64 after failing to set further highs
XRP/USD 4-hour chart. Source: TradingView

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.

While waiting for Ripple to reach $0.60, 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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