- XRP found support around $0.70 yesterday.
- Ripple spiked to $0.76 overnight.
- Market likely to retrace later today.
Ripple price analysis indicates bearish momentum to follow over the next 24 hours as another slightly higher high was set around $0.76 today, and further upside got rejected. Therefore, XRP/USD is expected to reverse later today and start heading towards the $0.70 support once again.
The overall market traded with slightly bullish results over the last 24 hours. The market leader, Bitcoin, is down by 0.35 percent, while Ethereum is up by 4.5 percent. Ripple (XRP) is among the best performers, with a gain of 7.5 percent.
Ripple price movement in the last 24 hours: Ripple sets another higher high above $0.76
XRP/USD traded in a range of $0.6987 – $0.7647, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 36.57 percent, while the total market capitalization trades around $34.4 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP is ready for a reversal?
On the 4-hour chart, we can see the Ripple price action rejecting further upside as of now after a rapid spike to $0.76.
Ripple price action has become increasingly more bullish over the last few days. After retracing by more than 30 percent to the $0.52 low, XRP/USD started to reverse and rapidly gained bullish momentum.
This price action development resulted in several higher local highs set until the previous medium-term swing high around $0.73 was broken with a spike to the $0.75 mark. Additionally, yesterday, XRP retraced some more and found support around $0.70. From the $0.70 support, another push higher was seen to the $0.76 mark overnight.
Since only a slightly higher high was set, we can assume that the bullish Ripple price action has exhausted its momentum, and another several-week long retracement likely will be seen next. Once the $0.70 support breaks, we can expect Ripple to move back towards the previous swing low and try to establish another slightly higher low.
Ripple Price Analysis: Conclusion
Ripple price analysis indicates bearish momentum to follow today as only a slightly higher high could be set overnight, and further upside currently gets rejected. Therefore, we expect XRP/USD to start trading lower later today and test the $0.70 support once again.
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