- XRP experienced a mild retracement yesterday.
- Market pushed to $0.65 again overnight.
- Further downside expected later today.
Ripple price analysis is bearish for today as the market looks to retest the $0.65 resistance again before moving lower latest today. Therefore, we expect XRP/USD to move towards the next support around $0.58 later this week.
The overall market trades in the red over the last 24 hours despite some upwards momentum overnight. Bitcoin has lost 3.21 percent, while Ethereum 5.63 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6185 – $0.6538, indicating mild volatility. Trading volume has increased by 6.46 percent and totals $1.87 billion. Total market capitalization stands around $29.4 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – XRP prepares for another wave lower?
On the 4-hour chart, we can see the Ripple price attempting to retest the $0.65 resistance again before another push lower later today.
The overall market trades in a bearish momentum over the past weeks after XRP failed to set further highs at the end of June. A clear lower high was set around $0.70, after which the market started pushing lower and quickly reached the $0.60 mark.
What followed was a slow retracement to retest the $0.65 support as a resistance. From there, the Ripple price saw a slight decline yesterday and another attempt to retest the $0.65 overnight.
This price action development indicates that Ripple is likely ready for another push lower later today, with the $0.58 support as the next target. Once it is reached, Ripple price action will likely be in a tough decision to go next.
Ripple Price Analysis: Conclusion
Ripple price analysis indicates bearish price action momentum over the next few days as a clear lower high was set yesterday, and the market started to move lower again. Therefore, we will likely see XRP/USD move lower again later today and try to reach the next significant support level around $0.58 by the end of the week.
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