- XRP finds resistance around $1.50-$1.55 overnight.
- Closest support at $1.25-$1.30.
- Next major support at $1.18.
Today’s Ripple price prediction is bearish as bears start to push XRP/USD lower after peaking around $1.55 overnight. Therefore, we expect another move towards the $1.30 support over the next 24 hours. From there, we should see signs of where XRP is headed later this month.
The overall market trades in the green today as bulls have pushed most altcoins higher overnight. However, Bitcoin remains relatively flat with a small gain of 1.81 percent. Additionally, Uniswap (UNI) is among the best performers from the major altcoins with a gain of 15.7 percent.
XRP/USD opened at $1.48 after a slight rally yesterday pushed the market below $1.50 resistance. Earlier today, the Ripple price continued higher and peaked at $1.55. Currently, XRP/USD pushes lower as XRP looks to establish a higher low.
Ripple price movement in the last 24 hours
XRP/USD price moved in a range of $1.40 – $1.54, indicating a substantial amount of volatility. 24 hour trading volume has dropped by 33.26 percent and totals $7.5 billion. The total market cap trades at $50.6 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP rejects further upside and starts to move lower
On the 4-hour chart, we can see the Ripple price action moving lower over the past hours, indicating further downside later today.
The overall market continues trading in a bearish price action structure over the last week. After setting a new all-time high at $1.95 on the 14th of April, Ripple retraced more than 50 percent until support was found around the $1 mark.
After some initial consolidation, XRP/USD moved higher until the $1.70 resistance was reached on the 6th of May. After some retracement to the $1.50 support, Ripple attempted to move higher, however, the further upside was rejected around $1.60.
Over the following hours, XRP/USD spiked lower, with the $1.22 mark reached shortly after. This means that the market structure turned bearish again as both a lower high and low was established.
Yesterday, Ripple started moving higher again until another lower low was set around $1.55. This lower low resulted in a clear bearish trendline for resistance being established, meaning that XRP/USD will continue trending lower until it is broken.
Therefore, XRP/USD should move lower later today, with the next support located at the $1.30 mark. If another lower low is set, Ripple will likely continue moving lower over the next weeks. Alternatively, we could see a break above the trendline later this week, which would serve as an indication that the current bearish momentum has ended.
Ripple Price Prediction: Conclusion
Ripple price prediction is bearish today as the market starts to retrace after setting a lower high at the $1.55 mark overnight. Therefore, we expect XRP/USD to move lower towards $1.30 support to potentially set a higher low, from which to move higher later this week.
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