Ripple price analysis is bearish today as we have seen a retest of previous support as a resistance and selling pressure slowly returning this morning. Therefore, XRP/USD is likely ready to drop further again and move below $0.60 support.
The market has seen selling pressure return over the last 24 hours. The leaders, Bitcoin and Ethereum, declined by 0.91 and 1.25 percent, respectively, while the rest of the top altcoins moved even lower.
Ripple price movement in the last 24 hours: Ripple finds support at $0.60, reacts higher
XRP/USD traded in a range of $0.6039 to $0.6271, indicating mild volatility over the last 24 hours. Trading volume has declined by 12.99 percent, totaling $1.476 billion, while the total market cap trades around $29.24 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to break $0.60
On the 4-hour chart, we can see strong selling taking place so far today as bears regained strength after retracement yesterday.
Ripple price action has seen a steady decline over the past weeks leading to further lows tested yesterday. From the last significant swing high at $0.80, XRP/USD has lost 25 percent to the $0.60 current low.
This means that Ripple is set to reach the yearly low at $0.56soon. XRP could quickly break lower and target the $0.50 next major support in this scenario.
Considering Ripple price action development over the past week, we expect further downside to follow soon. Likely the $0.60 current low will be broken without much hesitation as another lower high was clearly set late yesterday.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen another lower high set after a retracement to the $0.63 previous support turned resistance. Therefore, as long as the current selling pressure persists, we expect XRP/USD to drop even further later this weekend.