- Ripple price analysis is bearish today.
- XRP/USD set lower high at $0.62.
- Technicals are bearish for XRP/USD pair.
Earlier this morning, XRP/USD broke below the support at $0.60, which was the previous lower high in our last analysis. This is also a Fibonacci level, so it’s not unusual for this to happen. XRP/USD has finally found some buying interest after falling through the support at $0.60 – this will provide an opportunity to buy on the way down early this week before another leg down occurs.
Ripple price movement in the last 24 hours: Ripple in mixed reactions
The chart below shows the price action from a long-term perspective: The RSI on the daily chart is at 30, which means neither oversold or overbought conditions are present. This suggests that XRP/USD should consolidate before heading lower, particularly around $0.60.
XRP/USD is in the process of testing the next downside level after breaking through $0.62. As mentioned earlier, this will provide an opportunity to buy XRP on the way down before another leg lower occurs.
XRP/USD 4-hour chart: XRP tests further downside
There is some bullish divergence on both RSI and Stochastic, meaning buying near these two levels may be a good idea if you are looking to accumulate Ripple‘s token in long positions over the coming days. Remember, we’re looking to enter long positions when buying momentum returns through $0.58 and then add to these positions as XRP/USD moves closer towards our target of $0.74.
If XRP/USD breaks below $0.60? If so, a further decline would be expected to be around, or slightly lower than the support at $0.52, which should provide a strong opportunity for buyers once again before another leg lower occurs because that’s what we’ve seen in previous bearish moves; an extended decline before finding some short-term buying interest near the next key support.
Stochastic is continuing to turn higher on the daily chart, which suggests more upward momentum in XRP/USD over the coming days, however, both RSI and Stochastic are heading lower on this time frame which indicates selling interest is increasing as well, so it will be important to monitor these indicators closely.
There is no real technical reason that XRP/USD cannot remain relatively stable over the next couple of days, as there will probably be nobody interested enough in shorting it on the way down to make a serious move lower. However, we do expect a retest of the strong resistance zone between $0.65-$0.66 before any bullish momentum returns.
Remember that the strongest resistance will be at $0.74, which is where our overall target is for XRP/USD. Therefore, our overall medium-term outlook for Ripple remains bullish, but we may see some deviation in the short term as price action reacts to support at $0.60.
Ripple Price Analysis: Conclusion
The next couple of days should provide a strong opportunity for buyers once again before another leg lower occurs because that’s what we’ve seen in previous bearish moves; an extended decline before finding some short-term buying interest near the next key support.
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