Ripple price analysis: Ripple retraces back to $0.64, ready to retest the $0.80 resistance?

Description

TL;DR Breakdown XRP moved higher yesterday. The market consolidated around $0.64 overnight Next resistance at $0.80. Ripple price analysis is bullish today as the market has moved sideways around the $0.64 resistance over the past hours and is ready for another push higher. Therefore, we expect XRP/USD to spike towards the next resistance at $0.80 … Read more

TL;DR Breakdown

  • XRP moved higher yesterday.
  • The market consolidated around $0.64 overnight
  • Next resistance at $0.80.

Ripple price analysis is bullish today as the market has moved sideways around the $0.64 resistance over the past hours and is ready for another push higher. Therefore, we expect XRP/USD to spike towards the next resistance at $0.80 over the upcoming days.

Cryptocurrency heat map. Source: Coin360

The crypto market trades with mixed results over the past 24 hours. Bitcoin is down by around 1 percent, while Ethereum 2.2 percent. The rest of the altcoin market sees similar price action development, with Tron (TRX) being among the best performers with a gain of 14.5 percent.  

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6021 – $0.6627, indicating a moderate amount of volatility. Trading volume has decreased by 40 percent and totals $2.97 billion. Meanwhile, the total market cap stands at $29.9 billion, ranking cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP trades around $0.64

Looking at the XRP/USD 4-hour chart, we can see that the market price action currently establishes a base to push higher later today.

Ripple price analysis: Ripple retraces back to $0.64, ready to retest the $0.80 resistance?
XRP/USD 4-hour chart. Source: TradingView

Over the past weeks, the overall market trades with a solid bearish price action structure after a higher local high was set at $1.10 at the end of May. From there, the market failed to set another higher low and high, and the $0.80 support was retested again.

After the second test, the $0.90 mark served as resistance, indicating that the market moves sideways. However, after the third move to the $0.80 support, XRP/USD broke lower, and a substantial spike to the $0.50 mark was seen over the following weeks. 

Therefore, a clear lower low was set, indicating that bears are still in control, and we can expect further downside later this month. However, first, XRP has to regain some of the loss, which was seen yesterday as the $0.64 previous significant low support was retested as resistance.

Currently, we can see the market moving sideways around the $0.64 mark. Considering the previous several-day downswing, we can assume that the market will regain the loss. The $0.80 mark is likely to be the target to be retested as it previously acted as a significant support level.

From there, the Ripple price action will likely turn bearish again and push towards further downside over the next weeks.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish as the market has established a base around the $0.64 mark over the past hours. This should lead XRP/USD towards further upside over the next 24 hours as bills look to regain further loss and retest the $0.80 previous support as a resistance.

While waiting for Ripple to move to $0.80 resistance, read our latest articles on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

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.

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