Ripple price analysis: Ripple spikes $0.70, still to find bottom?

Description

TL;DR Breakdown XRP moved lower over the last 24 hours. Price hold at $0.70. Closest major support at $0.64. Ripple price analysis is bearish for today as the market moved lower over the past hours and spike to the $0.70 mark, with closest support at $0.64 yet to be reached. Therefore, we can expect further … Read more

TL;DR Breakdown

  • XRP moved lower over the last 24 hours.
  • Price hold at $0.70.
  • Closest major support at $0.64.

Ripple price analysis is bearish for today as the market moved lower over the past hours and spike to the $0.70 mark, with closest support at $0.64 yet to be reached. Therefore, we can expect further downside over the next hours and reversal only tomorrow.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red today as Bitcoin has lost 5.7 percent, while Ethereum 7.3 percent. Ripple (XRP) and Dogecoin (DOGE) are among the worst performers with a loss of around 10 percent.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6994 – $0.7995, indicating a good amount of volatility. Trading volume has increased by 3.5 percent and totals $2.833 billion. Meanwhile, the total market cap stands at $32.6 billion, ranking cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP spikes to $0.70

On the 4-hour chart, we can see the Ripple price moving lower over the last hours as bears look to retest the $0.64 previous support.

Ripple price analysis: Ripple spikes $0.70, still to find bottom?
XRP/USD 4-hour chart. Source: TradingView

The overall market momentum is still bearish as Ripple continues pushing lower after some consolidation around the $0.80 yesterday. This price action follows several weeks of retracement from the previous swing high at $1.10 and a much strong major retracement from the $1.70 previous major swing low.

Therefore, the market structure still trades within a bearish momentum. If XRP/USD finds support around the $0.64 previous major swing low, we can expect XRP to start reversing over the next week. However, the momentum is still heavily bearish and we can expect further downside.

In case the $0.64 mark fails to hold, XRP will move towards the next major support around $0.46. Alternatively, if the $0.64 mark holds, we expect a move above the $0.94 current swing high and higher from there over the next weeks.

Therefore, for now, the best option is to stay neutral and wait for further Ripple price action development.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish as the market moved lower over the past hours and is yet to show signs of recovery. Therefore, we expect XRP/USD to attempt to reach the $0.64 mark over the next 24 hours, where we could see an end to the overall bearish price momentum.

While waiting for Ripple price to reach the $0.64 mark, reads our guides on DeFi advantages, Bitcoin fees, and what can you 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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