TL;DR Breakdown XRP saw another rally overnight. $0.76 resistance still holds. Bullish momentum is exhausted as of now. Ripple price analysis is bearish for the next 24 hours as another spike higher took the market above the $0.77 mark once again with a slightly higher high. However, since only a slightly high thigh was set … Read more
- XRP saw another rally overnight.
- $0.76 resistance still holds.
- Bullish momentum is exhausted as of now.
Ripple price analysis is bearish for the next 24 hours as another spike higher took the market above the $0.77 mark once again with a slightly higher high. However, since only a slightly high thigh was set and any further upside was immediately rejected, we can assume that XRP/USD is ready to reverse, and downside can be expected later this week.
The overall market trades in the green over the last 24 hours. Market leader, Bitcoin has increased by 7.72 percent, while Ethereum 4.69 percent. Polkadot (DOT) is among the best performers, with a gain of around 10 percent.
Ripple price movement in the last 24 hours: Ripple tests $0.77 again.
XRP/USD traded in a range of $0.7158 – $0.7681, indicating a good amount of volatility in the market over the last 24 hours. Trading volume has decreased by 11.7 percent and totals $3.12 billion. Meanwhile, the total market capitalization trades around $34.77 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP prepares for a reversal?
On the 4-hour chart, we can see the Ripple price rejecting further upside, which should lead towards another reversal later today.
Ripple price action has gained more than 45 percent since setting a slightly higher low, around $0.52, on the 20th of July. The higher low set was the first sign that bulls are slowly taking over the market momentum. Extra confirmation was seen by the spike above the previous swing high at $0.74.
Therefore, Ripple price action has become bullish once again as we can potentially expect a lot more upside over the following months. However, first, XRP/USD has to reverse and set another medium-term swing higher low.
A potential support area where the Ripple price could reverse is located around the $0.58 mark. Additional support is located around $0.65, however, considering the previous price action development, we are likely to see a much deeper retracement.
Overall, this Ripple price action development means that we can expect to see a strong decline over the next weeks.
Ripple Price Analysis: Conclusion
Ripple price analysis indicates bearish momentum to follow later today as further upside got rejected earlier today for the second time. Therefore, we expect XRP/USD to reverse and retrace below the $0.70 support over the following days.
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