Ripple price analysis: Ripple slowly retraces to $0.70, starts to push below $0.50?

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  • XRP moved lower yesterday.
  • Some support was found overnight at around $0.60.
  • Next major support target at $0.50.

Ripple price analysis is bearish for the next 24 hours as bears prepare for another move lower later today. Therefore, we expect XRP/USD to move towards the $0.50 mark over the weekend and attempt to break lower next week.

Ripple price analysis: Ripple slowly retraces to $0.70, starts to push below $0.50? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a strong bearish momentum over the last 24 hours. Both Bitcoin and Ethereum have lost around 10 percent, with the rest of the altcoin market following the majors with similar results.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.5824 -$0.6504, indicating substantial volatility. Trading volume has seen a slight increase of 11 percent and totals $ billion. Meanwhile, the total market capitalization stands at around $27.2 billion, ranking the cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP moves lower overnight

On the 4-hour chart, we can see the Ripple price action starting to head lower over the past 24 hours after a retest of the $0.70 resistance.

Ripple price analysis: Ripple slowly retraces to $0.70, starts to push below $0.50?
XRP/USD 4-hour chart. Source: TradingView

The overall Ripple price action structure is still very bearish over the past weeks. After a higher high was set at the beginning of June around the $1.10 mark, Ripple started to retrace again until support at $0.80 was retested. 

Since XRP/USD failed to set a higher low, bulls let go of the market, and, after a double test of the $0.90 mark, XRP spiked lower earlier this week to the $0.50 mark. Over the past few days, what followed was a slow retracement to the $0.70 mark, where some support was previously seen in May.

On Thursday, XRP pivoted and started slowly moving to the downside. This resulted in a strong bearish close yesterday and further downside overnight. Since Ripple price established a clear lower high, we can assume that a lot more downside will be seen over the following days. The market will establish another lower low, with the following support located at the $0.40 mark.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish for today as the market started to move lower earlier today, and no signs of recovery are present. This price action development should lead XRP/USD towards a strong push lower over the weekend, with the next major support target around $0.40.

While waiting for Ripple to retrace further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Source: cryptopolitan.com

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