- XRP spiked above $0.65 overnight.
- Further upside rejected over the past hours.
- Market retrace later today.
Ripple price analysis is bearish for the next 24 hours as a sharp spike higher was seen overnight above the $0.65 resistance. From there, any further upside was quickly rejected, and XRP/USD currently prepares for a much more substantial retracement.
The cryptocurrency market trades in the green over the last 24 hours as a sharp rally higher was seen overnight. Bitcoin is up by 12 percent, while Ethereum is up by around 8.8 percent. Dogecoin (DOGE) is among the best performers, with a gain of 16.5 percent.
Ripple price movement in the last 24 hours: Ripple spikes to $0.677
XRP/USD traded in a range of $0.5914 – $0.6762, indicating a huge amount of volatility. Trading volume has increased by 68.4 percent and totals $3.14 billion. Meanwhile, the total market capitalization stands around $30.58 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP ready to reverse?
On the 4-hour chart, we can see Ripple price rejecting further upside over the last hours as bears prepare to take over control.
Ripple price action has seen strong signs of recovery over the past days as the market rallied by more than 25 percent to the $0.677 mark. This was a result of a several-week retracement from the previous major swing high around $0.735, which was set at the end of June. From the $0.735 high, XRP/USD retraced by more than 30 percent until the $0.52 support.
The current rally has moved above the last swing high around $0.65, however, still indicates a lower swing high. Therefore, further upside is needed before the several-month bearish momentum gets reversed.
Until then, we expect XRP/USD to reverse lower once again and move towards the $0.58 previous support to establish a base from which to move higher in case it is respected. Alternatively, Ripple price will continue to decline and move towards the previous major support area around $0.50-$0.52.
Ripple Price Analysis: Conclusion
Ripple price analysis indicates bearish momentum to follow later today as any further upside got rejected earlier today after around 15 percent spike higher. Therefore, we expect XRP/USD to start retracing over the next 24 hours and push towards the $0.58 previous support level next.
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