Ethereum
$ 1,146.79 4.81%
Solana
$ 35.45 8.72%
Dogecoin
$ 0.066096 9.61%
ApeCoin
$ 5.03 2.23%
Bitcoin
$ 20,325.00 2.51%
BNB
$ 227.94 2.97%

Ripple price analysis: Bullish reversal expected in the next 24 hours as XRP hovers near $0.56

Ripple Price analysis
TL;DR Breakdown
  • Ripple price analysis is bearish today.
  • XRP/USD closest support is found at $0.60.
  • Ripple trades in a tight range today.

Ripple price analysis is bearish today. XRP/USD pair opened the daily chart with sellers in control of the market. The market is currently trading below the $0.5882 level with a bearish bias.

The 4-hour chart shows that the XRP/USD pair is in a bearish trend. The market is below the moving averages, and the momentum indicators point to a further downside.

The XRP/USD pair needs to break above this trendline resistance if it wants to move upward. On the downside, the price must remain above the $0.56 level if there is any chance of recovery in the XRP/USD pair.

btc coin

Source: Coin360

The outlook on the heat map shows bullishness in the market. The largest digital asset is trading at $33,766, a 2 percent surge in the last 24 hours, while its closest competitor Ethereum is up 3 percent. Altcoins are trading in the same trend; DOGE has recorded more than a 2 percent surge while Binance coin trades with a 2.2 percent surge. XRP/USD is surging, but this is short-term as the underlying trend is still bearish. 

Ripple price movement in the last 24 hours: Bears dominate XRP/USD pair

On the daily chart, the market trades in a mixed reaction as the bears and the bulls are battling as bulls try to push prices higher and the bears are pulling prices downwards. In the last 24 hours, Ripple has been trading in a very tight range of $0.5693 and $0.5773 levels as buyers try to hold the market above the $0.55 support while sellers push prices towards the lower limit range.

xrp usd 1d
Source: TradingView

The Bollinger bands are tight, and prices are trading near the lower range limit, suggesting that there is very little room for any further price movement in either direction.

The RSI indicator is also in oversold territory, which suggests that the market may be due for a short-term rebound. The MACD indicator is also bearish and moving downwards.

XRP/USD 4-hour chart: Technicals are bearish on XRP/USD

The coin is trading in a  falling wedge pattern on the four-hour Ripple price analysis charts. The falling wedge pattern is generally considered a bullish signal, as it suggests that the price of XRP may be headed for a break-out soon. However, there are also some indications that the price of XRP could experience further declines before breaking out. For example, the moving averages on the 4-hour chart point downwards, suggesting that the selling pressure on the coin may be stronger than the buying pressure.

xrp usd 1h
Source: TradingView

In addition, there has been increasing volume in recent weeks, indicating that more traders are taking short positions on XRP. It will be important for traders to keep a close eye on XRP’s price action in the coming days and weeks to determine whether it will break out of the falling wedge pattern or continue its downward trend.

Ripple price analysis: Conclusion

Overall, many traders remain optimistic about the potential for XRP to make a strong move higher soon, as there are several indications that bullish momentum is building up within the coin’s price chart. It may be a good time for investors to consider adding XRP to their portfolios.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Related News

Hot Stories

Polkadot price analysis: DOT may decline to $6 in current extended downtrend
StormX Price Prediction 2022-2030: Is STMX a Good Investment?
Holograph Integrates LayerZero To Facilitate Holographic Omnichain NFTs That Beam Across Blockchains
Dogecoin price analysis: DOGE swiftly retests $0.07 as support, ready to push higher?
Bitcoin, Binance Coin, XRP, and Solana Daily Price Analyses – 28 June Morning Price Prediction

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records