- 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.
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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