$ 1,226.58 1.48%
$ 40.44 2.35%
$ 0.077112 12.13%
$ 4.86 6.04%
$ 21,353.00 0.44%
$ 239.42 0.12%

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.

Disclaimer. The information provided is not trading advice. 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 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.

Related News

Hot Stories

Ripple price analysis: XRP/USD set to break above $0.54 overnight
Could You Become A Millionaire By Adding These Cryptocurrencies To Your Portfolio - Polkadot (DOT), And Logarithmic Finance (LOG)
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Ethereum price analysis: ETH swiftly breaks $1,250, strong upside next week?
The Crypto Coins That Will Make a strong Impact In 2023: CashFi (CFI), Polkadot (DOT), and Huobi Token (HT)

Follow Us

Industry News

Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon