Ripple price analysis: XRP retests $0.65, next target at $0.58?
2 min readTL;DR Breakdown
- XRP moved higher overnight.
- Resistance around $0.65 retested.
- XRP/USD is likely to push to $0.58 next.
Ripple price analysis is bearish for the upcoming 24 hours as the market has retested $0.65 previous support as a resistance. Therefore, unless further upside is seen later today, XRP/USD should push lower again, with the $0.58 support as the next target.
The overall market trades in the green over the last 24 hours. BTC has increased by 1.32 percent, while ETH around 0.64 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6237 – $0.6572, indicating mild volatility. Trading volume has increased by 14.9 percent and totals $1.75 billion. The total market capitalization stands around $29.95 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – XRP ready for another wave lower?
On the 4-hour chart, we can see the Ripple price action retesting the $0.65 price mark as resistance and preparing to push lower again.
The overall market momentum has shifted back to being bearish over the past weeks. After XRP/USD set a clear higher high around $0.735, the market retraced and failed to set further highs as resistance was found around $0.70 on the 5th of July.
Ripple price moved lower from the $0.70 resistance and set a clear lower low around $0.60 and retraced to retest the $0.65 support as a resistance. Another attempt to move above the $0.65 mark was seen overnight, with rejection for further upside seen over the past hours.
This price action development should lead XRP/USD towards a lot more downside later this week, with the next support located around $0.58. From there, XRP could lose some of the bearish momentum and potentially prepare for a several-week reversal.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the upcoming days as the previous major support around $0.65 was retested, and further upside was rejected. Therefore, we can expect XRP/USD to start heading towards the $0.58 next support target and establish a lower low.
While waiting for Ripple to reach $0.58, read our guide on the advantages of DeFi, what you can buy with BTC, as well as BTC fees.
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