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Ripple Price Analysis: XRP could not reach $0.50 overnight, retracement to the upside today?

Ripple Price analysis

TL;DR Breakdown

  • XRP spiked to $0.52 yesterday.
  • XRP/USD moved sideways for the rest of the day.
  • The market started to rally overnight.

Ripple price analysis indicates bullish momentum to follow later today as support was found at $0.52 yesterday. Therefore, we can expect XRP/USD to retrace higher and reach the $0.58 previous resistance level next.

Ripple Price Analysis: XRP could not reach $0.50 overnight, retracement to the upside today? 1
Cryptocurrency heat map. Source: Coin360

The crypto market trades with a substantial gain over the last 24 hours. Bitcoin is up by 4.5 percent, while Ethereum is around 8.5 percent. Dogecoin (DOGE) is among the best performers, with a gain of 15.8 percent.

Ripple price movement in the last 24 hours: Ripple established a clear lower low around $0.52

XRP/USD traded in a range of $0.5179 – $0.549, indicating strong volatility over the last 24 hours. Trading volume has decreased by almost 8 percent and totals $1.9 billion. Meanwhile, the total market capitalization stands around $25.3 billion, ranking the cryptocurrency in 7th place overall.

XRP/USD 4-hour chart: XRP aims to retest previous support

On the 4-hour chart, we can see the Ripple price action moving higher over the last hours as bulls want to retest the previous support around $0.58 as resistance.

Ripple Price Analysis: XRP could not reach $0.50 overnight, retracement to the upside today?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has moved in a strong bearish trend over the past weeks after a new medium-term high was set around the $0.73 mark at the end of June. What followed was a failure to move higher and a clear lower high set around $0.70.

Following this price action development, XRP/USD spiked to $0.58-$0.60 support area. Ripple slowly traded past this support area last week after another lower high was set, indicating that bears are indeed in control.

On Monday, XRP/USD saw a rapid spike lower to the $0.52 mark, where Ripple formed a consolidation base. However, earlier today, XRP started to trade higher as bulls want to regain some of the loss seen over the past days. This development should lead XRP/USD towards further highs later today as bulls want to retest the previous major support area around $0.58-$0.60 next.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for the next 24 hours as the market started to rally earlier this morning after a strong support base was established overnight. Therefore, we expect XRP/USD to move higher and retest previous support around $0.58 as resistance. 

While waiting for Ripple to move higher, read our guides 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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