- XRP established a higher low around $0.775 yesterday.
- Ripple could not reach the previous high overnight.
- Market set for another retracement.
Ripple price analysis indicates bearish momentum to follow over the next 24 hours as further upside could not be reached overnight after several attempts. Therefore, we expect XRP/USD to retrace later today and test the $0.775 support once again.
The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin has declined by 0.55 percent, while Ethereumn is up by 0.57 percent. Cardano (ADA) is among the best performers with a gain of 6 percent.
Ripple price movement in the last 24 hours: Ripple fails to breach $0.84
XRP/USD traded in a range of $0.7993 – $0.8274, indicating mild volatility over the last 24 hours. Trading volume has decreased by 12 percent and totals $3.32 billion, while the total market capitalization stands around $37.6 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP prepares to retrace
On the 4-hour chart, we can see the Ripple price failing to reach further upside overnight, which should lead towards another retracement later today.
Overall, Ripple price action has traded with a strong bullish momentum over the last weeks. After establishing a slightly higher swing low around $0.52, XRP/USD started to rally at the end of July.
The previous swing high at $0.74 was broken on the 28th of July, with the following price action setting a new swing high around $0.775. What followed was a retracement and another push higher for Ripple price. On the 8th of August, another higher high was set around $0.84.
However, XRP/USD was extended too far without a significant retracement and a retracement to retest previous resistance as support was needed. Yesterday, the Ripple price reached the $0.775 previous resistance and saw rejection for further downside, indicating that a new higher low was set.
From the support, Ripple rallied back towards the previous high, although could not breach it. Consolidation was formed around $0.82, indicating that the market is ready for another retracement later today.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next 24 hours as further upside could not be reached overnight and the market starts to reverse once again. Therefore, we expect XRP/USD to retrace back to the $0.775 mark later today and retest it as support.
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