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Ripple price analysis: XRP consolidates above $0.385, steady push higher incoming?

Ripple Price analysis 2022 06 04
TL;DR Breakdown
  • Ripple price analysis is bullish today.
  • XRP/USD retested downside yesterday.
  • Support was found at $0.385.

Ripple price analysis is bullish today as we expect the current consolidation after a brief drop lower to end with another push higher. Likely, XRP/USD will look to continue higher and push towards the $0.40 previous support/resistance level.

Ripple price analysis: XRP consolidates above $0.385, steady push higher incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 2.53 percent, while Ethereum by 2.7 percent. Solana (SOL) is currently the worst performer among the major altcoins, with over a 7 percent decline.

Ripple price movement in the last 24 hours: Ripple fails to recover, tests further downside

XRP/USD traded in a range of $0.3855 to $0.4045, indicating moderate volatility over the last 24 hours. Trading volume has increased by only 7.42 percent, totaling $1.2 billion, while the total market cap trades around $18.91 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP ready to retrace again?

On the 4-hour chart, we can see consolidation formed since late yesterday, indicating that Ripple is due to retrace later in the weekend.

Ripple price analysis: XRP consolidates above $0.385, push higher incoming?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action saw a strong rally at the beginning of the week. From the last major swing low around $0.38, XRP/USD quickly gained over 12 percent, with resistance found around $0.43.

From there, consolidation followed on Tuesday, eventually leading to a retrace of previous gains. Support was found at $0.39, indicating a strong higher low set, which was a very bullish sign for the overall market structure.

However, much upside did not follow at the following push higher ending at $0.41. Yesterday, Ripple price pivoted and rapidly declined to further lows, setting a lower local low at $0.385.

Since then, consolidation has followed in a narrow range, indicating a reversal. Likely XRP/USD will look to set another lower local high before the $0.38 major support is tested early next week. However, if the local high at $0.41, is broken, we could expect another strong wave to the upside later in June.

Ripple price analysis: Conclusion 

Ripple price analysis is bullish today as we have seen a strong push lower late yesterday end with clear respect of support at $0.385. Therefore, XRP/USD should see another push higher over the next 24 hours, potentially to set another lower local high.

While waiting for Ripple to move further, see our Price Prediction on WEYU, MANA, and BAX.

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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