- Ripple price analysis is bearish today.
- XRP/USD continued sideways yesterday.
- $0.75 support is likely to be tested again.
Ripple price analysis is bearish today as we have seen failure to retrace as the market continued to consolidate above $0.75. Therefore, we expect XRP/USD to drop even lower early next week and continue the overall retracement.
Ripple price analysis continued sideways yesterday as the market remained indecisive. The bulls managed to push the price higher, but they were unable to sustain the gains and the bears pulled it back below $0.75. This resulted in a consolidation phase for most of the day.
The biggest development in the crypto space yesterday was Ethereum surpassing Bitcoin in terms of daily transaction volume. This is a big deal because it shows that Ethereum is being used more than Bitcoin, even though the latter has a much higher market cap.
This is bullish for Ethereum in the long run and it might lead to a shift in market cap rankings. As of now, Bitcoin still holds the first spot with a market cap of $237 billion, while Ethereum is in second place with a market cap of $176 billion.
XRP/USD is trading below the $0.75 level and it looks like the bulls are losing steam. The next support levels to watch out for are $0.74 and $0.73. Below $0.73, the next level of support is at $0.72. On the upside, the resistance levels to watch out for are $0.76 and $0.77.
The market is bearish today and we expect Ripple price to drop even lower early next week as the overall retracement continues.
Ripple price movement in the last 24 hours: Ripple fails to retrace, continued sideways
XRP/USD traded in a range of $0.7552 – $0.768, indicating small volatility over the last 24 hours. Trading volume has declined by 32.81 percent, totaling $957 million, while the total market cap trades around $36.53 billion, ranking the coin in 6th place overall.
4-hour Ripple price analysis chart: XRP looks to continue lower?
On the 4-hour chart, we can see the Ripple price action lacking buying pressure so far today, indicating that selling should soon return.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen more downside over the past week. Another strong spike lower in the beginning of the week took XRP/USD to new lows at $0.75.
Initial reaction higher was strong, setting a lower high around $0.79. From there, another push lower resulted in a retest of the $0.75 support by the end of Friday.
Since then, the Ripple price action has traded in a narrow consolidation. Unless a strong break higher is seen, further downside is expected to be tested early next week, with the next major support target located at $0.72.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen not much buying pressure ever since the $0.75 support was retested late on Friday. Therefore, we expect XRP/USD to continue even lower early next week and retrace even more from the previous major upswing.
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