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Ripple price analysis: XRP continues to decline, targets $0.043 next?

Ripple Price analysis 2022 10 25 1

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD broke below $0.046 yesterday.
  • Selling pressure is still strong.

Ripple price analysis is bearish today as we have seen further selling over the past 24 hours without no signs of a slowdown. Therefore, XRP/USD will likely continue even lower over the next few days and target the $0.43 support.

Ripple price analysis: XRP continues to decline, targets $0.043 next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 0.07 percent, while Ethereum 0.93 percent. The rest of the market followed close by with similar results.

Ripple price movement in the last 24 hours: Ripple confirms lower high

XRP/USD traded in a range of $0.446 to $0.4591, indicating substantial volatility over the last 24 hours. Trading volume has increased by 1.89 percent, totaling $1.24 billion, while the total market cap traded around $22.25 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP prepares to decline further

On the 4-hour chart, we can see selling pressure still strong, likely as another major wave lower will follow over the rest of the week.

Ripple price analysis: XRP continues to decline, targets $0.043 next?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen steady selling over the past weeks after a strong pivot was made below $0.55 at the beginning of October. After a strong initial drop to $0.44 support, XRP/USD quickly reacted higher and set a strong lower high.

From there, steady selling followed, leading XRP/USD back toward the next major support at $0.43. Quick reaction higher followed once more, leading to another strong lower high set around $0.47 yesterday.

Ever since, Ripple price action has started to pivot lower again, likely leading to another test of previous lows over the next days. However, once the support is broken, we expect XRP/USD to drop as low as $0.4 support.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today, as we have seen further selling over the last 24 hours after a strong pivot below the $0.047 resistance. Likely XRP/USD will drop even further and look to move as low as the $0.43 support, which likely will be tested next week.

While waiting for Ripple to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.

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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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