- XRP moved higher yesterday.
- Resistance found around $0.58.
- Market likely to target $0.50 next
Ripple price analysis indicates bearish momentum to follow over the next days as a new lower high has been set overnight. Therefore, we expect XRP/USD to decline over the rest of the week and target the $0.50 support next.
The overall market trades with a bullish momentum over the last 24 hours. Bitcoin is up by $0.73 percent, while Ethereum is up around 3.14 percent. Stellar (XLM) is among the best performers with a gain of 16.8 percent.
Ripple price movement in the last 24 hours: Ripple rallies to $0.58
XRP/USD traded in a range of $0.5598 – $0.5886, indicating a good amount of volatility over the last 24 hours. Trading volume has increased by 28.9 percent and totals $2.75 billion, while the total market capitalization trades around 26.93 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: ready to move lower again?
On the 4-hour chart, we can see the Ripple price establishing another lower high in preparation for further downside later this week.
Ripple price action trades with a strong bearish momentum over the last weeks after a new swing high was set around the $0.74 mark at the end of July. Since then, XRP/USD has declined by around 30 percent as the $0.52 was reached on Tuesday.
After some consolidation around the $0.52 mark, XRP started to rally yesterday and quickly reached the previous support area around $0.58. Any further upside was rejected as soon as Ripple price went above the $0.58 mark, with consolidation sideways overnight.
This means that XRP/USD is likely to decline again, and we can expect the market to pivot over the next 24 hours. The next target is located around the $0.50 mark, and once breached, it will likely lead XRP/USD towards a lot more downside over the next weeks.
Ripple Price Analysis: Conclusion
Ripple price analysis indicates bearish momentum to follow later this week as a new lower high was established overnight. Therefore, XRP/USD is set to target the $0.50 next and continue declining along with the overall several-week bearish momentum.
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