- XRP moved higher overnight.
- Previous support around $0. 65 retested as resistance.
- Next major support target around $0.50.
Ripple price analysis is bearish for today as the market set a lower low around $0.60 and retraced to $0.65 resistance overnight. This price action development should lead XRP/USD towards further next week,
The overall market trades with mixed results over the last 24 hours. Bitcoin is up by 1.5 percent while Ethereum has lost 1 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6208 – $0.6482, indicating a moderate amount of volatility. Trading volume has increased by 12 percent and totals $2 billion. Meanwhile, the total market capitalization trades around $28.8 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – XRP ready to spike lower again?
On the 4-hour chart, we can see the Ripple price retesting previous support as resistance in preparation for another push lower.
Looking at the Ripple price action development over the past weeks, we can see that the market still trades with strong bearish momentum. After some retracement over the past weeks, XRP/USD reached the $100 period moving average blue line and failed to set a further higher high from there.
The following market movement resulted in a further lower high set and a strong push lower over the past days. Therefore, BTC/USD established a clear reversal pattern, with previous support retested as a resistance overnight.
Ripple is expected to decline further over the next 24 hours following this price action development, with the next target located around the $0.50 mark. If the $0.50 mark is reached from the current price level, we can expect BTC to drop by almost 20 percent.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as the market starts to move lower again after a spike higher overnight. Therefore, we can expect XRP/USD to move lower over the following 24 hours and reach the previous major low of around $0.50.
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.