Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Ripple Price Analysis: XRP still tests $0.58, breakdown to follow today?

2 min read

TL;DR Breakdown

  • XRP moved sideways overnight.
  • Support around $0.58 still holds.
  • Next major price target at $0.50.

Ripple price analysis is bearish for the next 24 hours as the market continues building a base above the $0.58 with increasingly lower highs. Therefore, we expect XRP/USD to break lower later today and aim to reach the next major support target of around $0.50 later this week.

Ripple Price Analysis: XRP still tests $0.58, breakdown to follow today? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. BTC has declined by 0.82 percent, while ETH 4.5 percent. Dogecoin (DOGE) is among the worst performers, with a loss of around 7.25 percent.

Ripple price movement in the last 24 hours: Ripple still holds support

XRP/USD traded in a range of $0.5734 – $0.5914, indicating mild volatility over the last 24 hours. Trading volume has decreased by 6.4 percent and totals $1.46 billion, while the total cap trades around $26.77 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: XRP ready to move lower again?

On the 4-hour chart, we can see the Ripple price consolidating over the last 24 hours as bears prepare for another push lower.

Ripple Price Analysis: XRP still tests $0.58, breakdown to follow today?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action structure has been bearish over the past weeks. After a strong higher high around $0.74 was reached at the end of June, the market failed to set further highs as resistance was found around $0.70 on the next attempt to move higher.

This Ripple price action development resulted in a strong move lower over the past week, with previous lows broken. Previously a strong support area was set around $0.58-$0.60, which has prevented further downside over the last few days.

However, a quick spike below the support was seen on the 17th of July. After the spike lower, XRP/USD started to trade in an increasingly tighter range around $0.58. Therefore, we can assume that Ripple is building up momentum, from which to push lower later this week, with the next major support target around $0.50.

Ripple Price Analysis: Conclusion 

Ripple price analysis indicates bearish momentum to follow over the next 24 hours as a strong base from which to move lower has been established. Therefore, we expect XRP/USD to break even lower and reach the $0.50 support later this week. 

While waiting for Ripple to drop further, read our guides on DeFi advantages, BTC fees, as well as what can you 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.

Source link

Leave a Reply

Your email address will not be published.

Share this post