- Ripple price analysis is bearish today.
- XRP/USD continued to trade sideways last night.
- Upside rejected again over the last hours.
Ripple price analysis is bearish today as we expect the market to retrace some of the gains seen earlier this week. The $0.77 support will likely not hold for long, opening the way toward the $0.75 next resistance.
Cryptocurrency heat map. Source: Coin360
The market has moved with mixed results over the last 24 hours. The leader, Bitcoin, lost just 0.09 percent, while Ethereum gained 0.14 percent, indicating a calm trading session. Ripple (XRP) has seen similar price action, with a 0.14 percent gain.
Ripple price movement in the last 24 hours: Ripple fails to move higher, continues testing $0.77 support
XRP/USD traded in a range of $0.7692 – $0.7844, indicating mild volatility over the last 24 hours. Trading volume has declined by 39.25 percent, totaling $1.139 billion, while the total market cap trades around $37.47 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to decline?
On the 4-hour chart, buying pressure is still weak, likely leading to further decline over the next days.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action saw a strong recovery this week. After a new swing low was reached around $0.685 on the 11th of April, XRP/USD began steady retracement.
A quick spike higher was seen on the 15th of April after a series of local higher highs and lows. Major resistance at $0.80 was quickly reached, indicating a substantial retracement.
However, since then, the further upside has been rejected several times, indicating a shift in momentum back to the downside. The Ripple price action will likely lower again early next week as bears dominate the overall monthly trend.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market has failed to move any higher over the past few days. Therefore, we expect XRP/USD to retrace further and test the $0.75 next support soon.
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