- XRP moved lower overnight.
- XRP/USD price approached $0.60 support.
- Further downside still expected.
Ripple price analysis is bearish for today as the market set a lower high earlier this week and currently moves lower again to the $0.60 support. Therefore, the market momentum has shifted back to being bearish as we can expect further downside from there.
The overall market trades in the red over the last 24 hours. BTC has lost 7.1 percent while ETH 8.9 percent. The rest of the altcoin trades with similar results of a 6-9 percent loss.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6164 – $0.6727, indicating strong volatility over the last 24 hours. Trading volume has increased by almost 11 percent and totals $2.3 billion. Meanwhile, the total market cap trades around $28.4 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – XRP spikes lower again
On the 4-hour chart, we can see the Ripple price action pushing lower today after failing to reach a higher high earlier this week.
Looking at the Ripple price action development over the past weeks, we can see that bulls took over control after a huge decline to the $0.50 mark was seen in June. From there, XRP/USD started rallying with a clear higher high set around the $0.73 mark.
However, XRP/USD failed to set further highs and found resistance around the $0.70 mark. From there, a slight drop lower was seen earlier this week, which resulted in a consolidation and a subsequent push lower overnight.
Overall this indicates that Ripple still is not ready to move higher, and we can expect XRP/USD to test the $0.60 support next. From there, we will likely see a slight rally higher and another push lower, which will likely result in a lot more downside over the following weeks.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as the market set a lower high earlier this week and, after some consolidation, broke lower overnight. Therefore, we can expect XRP/USD to push towards further downside to the next support around $0.60.
While waiting for Ripple to reach $0.60, read our guide on DeFi advantages, BTC fees, as well as what you can buy with BTC.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.