- XRP saw a sharp decline overnight.
- Some of the loss regained today.
- Ripple is ready for further downside.
Ripple price analysis indicates bearish momentum to follow over the next 24 hours as the market saw a quick spike lower, followed by a bounceback to previous highs and rejection for further upside. Therefore, we expect XRP/USD to move lower later today and target the $0.65 support next.
The cryptocurrency market traded in the red over the last 24 hours. Bitcoin lost more than 5.4 percent, while Ehtereum 0.86 percent. The rest of the top altcoins follow the majors with a 2-4 percent loss.
Ripple price movement in the last 24 hours: Ripple tests $0.70 support
XRP/USD traded in a range of $0.7073 – $0.7733, indicating strong volatility over the last 24 hours. Trading volume has increased by 8.8 percent and totals $2.78 billion. The total market capitalization trades around $34.7 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP ready to reach further lows?
On the 4-hour chart, we can see the Ripple price retracing to retest previous highs over the past hours with rejection, indicating that further downside can be expected later today.
Ripple price action has traded with a strong bullish momentum over the second half of July. After establishing a slightly higher low, around $0.52, on the 20th of July, XRP/USD rallied by around 50 percent until the $0.76 mark.
Over the weekend, XRP/USD attempted to test further upside, however, only a slightly higher highs could be made, with the last push higher reaching $0.78 resistance. Therefore, Ripple price action has likely exhausted its bullish momentum.
Overnight, XRP saw a quick spike lower than the previous support of $0.70, indicating market weakness. From the $0.70 support, XRP/USD quickly rallied back towards previous highs and set a lower high, with rejection for further upside. Therefore, the market is likely preparing for another push lower later today to break below the $0.70 and test the next support around $0.65.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as further upside got rejected earlier today after a rebound from the $0.70 support level. Therefore, we can expect XRP/USD to push lower later today in an attempt to breach the $0.70 mark next.
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