- XRP continued to rally overnight.
- Another slightly higher high set.
- The market still rejects further upside.
Ripple price analysis indicates bearish momentum to follow over the next 24 hours as only a slightly higher high could be set overnight and the further upside was quickly rejected. Therefore, we expect XRP/USD to retrace and move to retest the previous support level next week.
The cryptocurrency market trades in the green across the board. Market leader Bitcoin is lagging behind top altcoin with a slight gain of $0.56 percent. Meanwhile, Ethereum is up by 6 percent, while Polkadot (DOT) is among the best performers with a gain of 11.7 percent.
Ripple price movement in the last 24 hours: Ripple continues setting slightly higher highs
XRP/USD traded in a range of $0.7383 – $0.7763, indicating mild volatility over the last 24 hours. Trading volume has decreased by 20.62 percent and totals $2.48 billion. Meanwhile, the total market capitalization trades around 35.17 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP prepares to reverse?
On the 4-hour chart, we can see the Ripple price losing its momentum over the past few days, which should lead towards a reversal early next week.
Ripple price action has gained more than 50 percent since the 20th of July when a slightly higher low was established around the $0.52 mark. The slightly higher low was the first indication that the several-week bearish momentum might come to an end over the next months.
Further, over the past days, Ripple breached above the $0.73 previous swing high and tested the $0.77 mark several times. Therefore, a slightly higher high has also been set, indicating that the overall price action structure is turning even more bullish.
However, upside momentum has slowed down over the past few days, indicating that another several-day retracement that sets another higher low is needed before more upside is seen. Therefore, we expect Ripple price to retrace next week and try to retest previous support levels, with the $0.65 mark being the first one.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the upcoming days as further upside momentum has slowed down after a strong rally earlier this week. Therefore, XRP/USD likely prepares to reverse later today and looks to retest the $0.65 previous resistance level next.
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