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Ripple price analysis: XRP trades below $0.60, more downside overnight?

Ripple Price analysis 2022 05 07
TL;DR Breakdown
  • Ripple price analysis is bearish today.
  • XRP/USD continued to consolidate yesterday.
  • Resistance at $0.60 still holds.

Ripple price analysis is bearish today as we expect another drop lower to follow after consolidation below the $0.60 resistance. Likely XRP/USD will push towards the next support at $0.57 later in the weekend.

Ripple price analysis: XRP trades below $0.60, more downside overnight? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.46 percent, while Ethereum 0.29 percent. Meanwhile, Terra (LUNA) is the worst performer among the major altcoins, with around a 9 percent loss.

Ripple price movement in the last 24 hours: Ripple consolidates further

XRP/USD traded in a range of $0.5927 – $0.605, indicating low volatility over the last 24 hours. Trading volume has declined by 50.06 percent, totaling $1.13 billion, while the total market cap trades around $28.69 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP ready to drop further?

On the 4-hour chart, we can see Ripple price slowly moving below the $0.60 resistance, likely meaning that another spike lower will follow.

Ripple price analysis: XRP trades below $0.60, more downside overnight?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action saw a strong sign of recovery in the middle of this week. From the $0.60 support, XRP/USD rallied almost 10 percent and set a strong higher high around $0.65.

However, selling pressure returned early on Thursday, leading to a spike below the $0.60 support. Therefore, the market sentiment is still heavily bearish, and more downside can be expected next week.

Over the last day, Ripple price has moved sideways as the market takes a pause before the next move. Considering the overall market structure, another spike lower should follow, potentially leading back to the current low at $0.57.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as we have seen more consolidation over the last 24 hours below strong resistance. Therefore, we expect further downside to be tested along with the overall bearish trend.

While waiting for Ripple to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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