- Ripple price analysis is bearish for today.
- XRP/USD continued to decline overnight.
- Closest support at $1.20
Ripple price analysis indicates bearish momentum to follow over the next 24 hours as the market declined overnight and is yet to set a higher low. Therefore, we expect XRP/USD to find support at the $1.20 support later today, indicating further downside to come.
The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin up by 0.26 percent. Meanwhile, Ethereum is up by 0.64 percent, while Ripple has seen a slight decline of 0.69 percent.
Ripple price movement in the last 24 hours: Ripple continued to decline
XRP/USD traded in a range of $1.24 – $1.28, indicating low volatility over the last 24 hours. Trading volume has decreased by 22.29 percent and totals $4.1 billion, while the total market cap trades around $58.73 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP set to retest $1.20 as support?
On the 4-hour chart, Ripple price continues to decline as bears target the $1.20 support next.
Ripple price action has struggled to reach new highs over the past weeks. After briefly touching the $1.35 mark on the 14th of August, a strong retracement to the $1.05 support was seen.
From there, XRP/USD set increasingly lower highs over the past weeks, indicating consolidation in an increasingly tighter range. However, the $1.05 support was not broken, which eventually led to a higher high set earlier this week as the Ripple price broke past the $1.20 lowest high.
Over the following days, XRP moved higher until the $1.32 mark, where bears took over again. Since then, XRP/USD has retraced as bears want to retest the $1.20 previous resistance as support.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as the market continued to decline overnight after a higher high was set at $1.32. Therefore, we expect XRP/USD to retrace further and retest the $1.20 previous resistance as support next.
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