Ripple Price Analysis: XRP finds resistance around $0.60, reversal to follow?

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  • XRP moved higher yesterday.
  • Resistance around $0.60 tested overnight.
  • Market likely to reverse today.

Ripple price analysis indicates bearish momentum to follow later today as the $0.60 resistance was reached overnight and bulls are likely exhausted as of now. Therefore, we expect XRP/USD to start declining over the weekend and try to finally reach the $0.50 mark next week.

Ripple Price Analysis: XRP finds resistance around $0.60, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results over the last 24 hours. Bitcoin has increased by 1.2 percent, while Ethereum 3.2 percent. Binance Coin (BNB) is among the worst performers with a loss of 2 percent.

Ripple price movement in the last 24 hours: Ripple tests further highs above $0.60

XRP/USD traded in a range of $0.5655 – $0.6084, indicating mild volatility over the last 24 hours. Trading volume has decreased by almost 13 percent and totals $2.367 billion. Meanwhile, the total market capitalization stands around $27.4 billion, ranking cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: ready for another decline?

On the 4-hour chart, we can see Ripple price action slowly losing momentum around the $0.60 resistance as bears prepare to push the market lower again.

Ripple Price Analysis: XRP finds resistance around $0.60, reversal to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action trades with a strong bearish momentum over the past weeks. After the previous swing high around $0.74 was set at the end of June, XRP/USD declined by more than 30 percent to the $0.52 low, which set a slightly higher major swing low for now. 

What followed was a rally over the past days above the previous support turned resistance of $0.60. Therefore, XRP/USD has shown signs of some bullish momentum slowly building up. However, as of now, further upside seems unlikely as bulls are exhausted and Ripple needs another wave lower to test previous lows.

In case the $0.52 swing low gets breached, the next one is located relatively close by around $0.50. In case both of these support levels are broken, we can expect a lot more further downside over the next weeks. Alternatively, XRP/USD could set another higher low above $0.52 and start heading towards further upside over the next weeks.

Conclusion 

Ripple price analysis indicates bearish momentum to follow over the weekend and bulls are likely to be exhausted after a strong rally over the last 24 hours and a test of the $0.60 resistance. Therefore, we can expect XRP/USD to start trading lower over the weekend and try to reach the $0.50 support next. 

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

Source: cryptopolitan.com

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