- Ripple price analysis is bullish today.
- XRP/USD continued even lower overnight.
- Support at $0.60 is currently tested.
Ripple price analysis is bullish today as we expect a retracement to follow after a 20 percent loss over the past 2 days. As long as the $0.60 mark is not broken, XRP/USD should see a reaction higher over the next 24 hours.
The market has seen a heavy selloff over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the red by 8.93 and 14.14 percent, respectively. Ripple (XRP) follows with a loss of almost 13 percent.
Ripple price movement in the last 24 hours: Ripple continues to drop, finds support at $0.60
XRP/USD traded in a range of $0.6029 – $0.6939, indicating very strong volatility over the last 24 hours. Trading volume has increased by 46.4 percent, totaling $3.3 billion. Meanwhile, the total market cap trades around $28.85 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP tests $0.60
On the 4-hour chart, we can see the decline pausing this morning after the $0.60 mark was reached, potentially leading to a reaction higher over the next hours.
Ripple price action has seen bearish momentum return this week. After previously setting a strong swing high at $0.81, XRP/USD moved into a slow retracement.
By Wednesday, XRP had reached $0.72 support before reaching higher. Bulls gathered the strength to push to $0.76. However, from there, the market quickly collapsed.
Late on Thursday, the selloff began, spiking past previous lows. The Ripple price continued even lower yesterday and has since reached the $0.60 mark, meaning a decline of over 20 percent in a couple of days.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we expect a reaction higher to follow from the $0.60 mark. However, there is still a good chance XRP/USD will continue even lower over the next 24 hours.