TL;DR Breakdown XRP spiked lower yesterday. The support found around $0.77. Market ready to retrace today. Ripple price analysis is bullish for today as bears are likely exhausted and could not push the market any lower overnight. Therefore, we can assume that XRP/USD will retrace today and establish a lower high. The overall market trades … Read more
- XRP spiked lower yesterday.
- The support found around $0.77.
- Market ready to retrace today.
Ripple price analysis is bullish for today as bears are likely exhausted and could not push the market any lower overnight. Therefore, we can assume that XRP/USD will retrace today and establish a lower high.
The overall market trades in the red today as Bitcoin has decreased by 5.5 percent, while Ethereum 4.4 percent. The rest of the altcoin market follows this pattern of moderate loss over the last 24 hours.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.775 – $0.8449, indicating a moderate amount of volatility. Trading volume has slightly increased by 4.59 percent and totals $2.6 billion. Meanwhile, the total market cap stands at $36.7 billion, ranking cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP sets a lower low
On the 4-hour chart, we can see the Ripple price moving below the $0.80 mark yesterday, indicating a lower low set.
The overall Ripple price action sentiment is still slightly bearish after the market moved sideways over the past weeks around $0.80 support. Last month, we saw XRP/USD retrace by over 60 percent from the last major swing high at $1.70. This means that bears are likely exhausted and we can expect Ripple to reverse over the next weeks.
Earlier this week, XRP tested the $0.80 support and established a resistance around $0.90. Therefore, Ripple is essentially trading in a sideways consolidation right now. Yesterday a slight movement below the $0.80 mark was seen, potentially indicating bears taking over again.
However, since only a slight breakout was set, we can still see XRP/USD moving to break the $0.90 mark over the next few days. Once Ripple sets a higher high, the overall market momentum would shift to being bullish again and move towards the current swing high of $1.70.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for today as the market retraced over the last 24 hours and set a slightly lower low below the $0.80 mark, indicating bearish momentum still dominating. However, for today we expect a reversal to the upside as bulls look to regain some of the loss above the 40.80 mark.
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