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Ripple Price Analysis: XRP retests $0.70 again, slowly prepares for another push higher?

Ripple Price analysis

TL;DR Breakdown

  • 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.

Ripple Price Analysis: XRP retests $0.70 again, slowly prepares for another push higher? 1
Cryptocurrency heat map. Source: Coin360

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.

Ripple Price Analysis: XRP retests $0.70 again, prepares for another push higher?
XRP/USD 4-hour chart. Source: TradingView

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.

While waiting for Ripple to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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