- XRP failed to move high yesterday.
- Ripple saw a retracement overnight.
- Support around $0.70 prevents further downside.
Ripple price analysis is bullish for today as another retracement was seen overnight to the $0.70 support. Therefore, as long as XRP/USD holds the support, we can expect another move higher over the next 24 hours as bulls try to finally reach the $0.80 resistance.
The overall cryptocurrency market traded with a loss over the past 24 hours. The market leader, Bitcoin, is down by 3.67 percent, while Ethereum is down by 4.55 percent. Rest of the top altcoin trade with a similar loss of around 3-4 percent.
Ripple price movement in the last 24 hours: Ripple retraces to $0.70 support again
XRP/USD traded in a range of $0.7112 – $0.7599, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 7.15 percent and totals $2.5 billion. Meanwhile, the total market capitalization trades around $33.4 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP ready to reach $0.80?
On the 4-hour chart, we can see the Ripple price retracing overnight in preparation for another push higher later today.
The Ripple price action has traded with a very strong bullish momentum over the past weeks. After a slightly higher low was set around $0.52 on the 20th of July, XRP/USD started to rally until the $0.77 mark was reached over the weekend. This price move has resulted in a gain of around 50 percent and indicates that the current upswing could be exhausted.
On Sunday, we saw XRP/USD retrace to $0.70 support and reject further downside from there. This was followed by a rally yesterday, with the previous high reversing XRP again.
Overnight, the Ripple price retraced and reached the previous support area once again. Therefore, as long as further downside below $0.70 is not seen, we can expect XRP to push higher later today and make another attempt to breach the $0.80 mark by the end of this week.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for the next 24 hours as support around $0.70 is currently tested again with a rejection for further downside. Therefore, we expect XRP/USD to move higher later this week in an attempt to finally breach the $0.80 next major resistance level.
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