Ripple price analysis is bullish today as we expect the several-day decline to have ended after a slowdown and rejection for further downside at $0.56. XRP/USD is likely ready to reverse and retrace some of the loss early next week.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 5.24 percent, while Ethereum 6.15 percent, indicating a strong bearish sentiment in the market. Terra (LUNA) is the worst performer, with over a 12 percent loss.
Ripple price movement in the last 24 hours: Ripple consolidates and briefly tests below $0.57
XRP/USD traded in a range of $0.5628 – $0.595, indicating strong volatility over the last 24 hours. Trading volume has increased by 40.32 percent, totaling $1.59 billion, while the total market cap trades around $27.42 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to retrace?
On the 4-hour chart, we can see Ripple price rejecting further downside, likely leading to push higher early next week.
Ripple price action has seen mixed signals over the past week. After consolidation between the $0.60 to $0.63 area, XRP/USD broke higher and reached the $0.65 mark early on May 5 2022.
However, a quick drop lower followed the same day, breaking past $0.60 previous local support. Consolidation followed, potentially indicating another reversal on Friday, however, recovery failed.
Overnight to today, Ripple price broke even lower, reaching past the $0.57 next support. Later in the day, rejection for further downside was seen at $0.56, indicating that the selloff has ended for now.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we have seen further downside and a several-month low of $0.57 broken over the past hours. However, rejection followed, indicating that retracement will follow early next week.