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Ripple price analysis: XRP slowly continues to retrace, push lower next?

Ripple Price analysis 2022 06 05

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD failed to post substantial gains overnight.
  • Another lower high is likely to soon be set.

Ripple price analysis is bearish today as we expect another lower high to soon be set and push lower to follow. Therefore, XRP/USD should start next week bearish and move to break the $0.38 previous major support.

Ripple price analysis: XRP slowly continues to retrace, push lower next? 1
Cryptocurrency heat map. Source: Coin360

The market has moved in the green as steady retracement continued overnight. The leader, Bitcoin, gained 0.38 percent, while Ethereum a more substantial 1.5 percent. Meanwhile, Solana (SOL) is the top performer, with over 7 percent gain.

Ripple price movement in the last 24 hours: Ripple fails to reach $0.40, looks to reverse

XRP/USD traded in a range of $0.3878 to $0.3959, indicating strong volatility over the last 24 hours. Trading volume has declined by 30 percent, totaling $6955.63 billion, while the total market cap trades around $19 billion, resulting in 6th rank overall.

XRP/USD 4-hour chart: XRP ready to continue lower?

On the 4-hour chart, we can see weak bullish momentum for Ripple price action, indicating that a reversal is soon to come.

Ripple price analysis: XRP slowly continues to retrace, push lower next?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen another strong rejection for upside at the beginning of the week. After a swift rally to $0.43, XRP/USD quickly rejected lower and began to consolidate at the end of May.

From there, a quick drop to $0.39 followed, with further downside tested after a brief recovery. Therefore, XRP/USD has set another clear indication of bearish dominance.

Likely the slow current retracement will set another lower high, which, in turn, will lead to another wave lower. In case the $0.38 support break, we expect a lot more downside to follow next week.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as the market has failed to recover above $0.40 and looks to set another local lower high. Therefore, XRP/USD should soon break even lower and target the $0.38 next major support, which if broken, would open the way for a lot more downside over the next week.

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

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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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