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Ripple price analysis: XRP retests $0.40 as resistance, continues to decline

Ripple Price analysis 2022 05 28
TL;DR Breakdown
  • Ripple price analysis is bearish today.
  • XRP/USD retested at $0.40 as resistance.
  • Selling pressure returned overnight.

Ripple price analysis is bearish today as we have seen retracement to $0.40, where resistance was found, and the market reversed back lower. Therefore, XRP/USD is ready to decline further and reach towards the $0.34 previous swing low over the rest of the weekend.

Ripple price analysis: XRP retests $0.40 as resistance, continues to decline 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, declined by 0.18 percent, while Ethereum by 0.27 percent. Meanwhile, Dogecoin (DOGE) is the top performer, with almost a 6 percent gain.

Ripple price movement in the last 24 hours: Ripple continues to test further downside

XRP/USD traded in a range of $0.3831 to $0.3881, indicating mild volatility over the last 24 hours. Trading volume has declined to $1.46 billion, while the total market cap trades around $18.6 billion, ranking the coin still in 6th place overall.

XRP/USD 4-hour chart: XRP looks to move below $0.38 local low?

On the 4-hour chart, we can see strong selling pressure continuing over the last 24 hours and the previous local low already tested, indicating that further lows should be reached by the end of the day.

Ripple price analysis: XRP retests $0.40 as resistance, continues to decline
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen steady bearish momentum over the last week. After a slightly lower local high was set on Monday, XRP/USD began to consolidate above $0.40 major support.

On Thursday, a break lower eventually followed, leading to a new local low being reached at $0.38. Retracement to retest previous support at $0.40 as resistance was seen late yesterday, indicating that another lower high is set.

Since further upside quickly got rejected, we expect Ripple price to pivot lower again. Likely the $0.38 local low will soon be broken and Ripple will continue to decline over the rest of the weekend.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as we have seen further decline and test of previous local low at $0.38. Therefore, XRP/USD should break even lower and resume its way to the $0.34 major swing low.

While waiting for Ripple to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.

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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