Ripple price analysis: XRP retraces from $0.65 resistance, sideways movement to follow today?

Description

TL;DR Breakdown XRP set a clear lower high yesterday. Ripple moved sideways overnight. Market in indecision where to go next. Ripple price analysis is neutral for the upcoming 24 hours as we can see sideway movement over the last 24 hours after the previous support around $0.65 was retested as resistance. Therefore, we expect XRP/USD … Read more

TL;DR Breakdown

  • XRP set a clear lower high yesterday.
  • Ripple moved sideways overnight.
  • Market in indecision where to go next.

Ripple price analysis is neutral for the upcoming 24 hours as we can see sideway movement over the last 24 hours after the previous support around $0.65 was retested as resistance. Therefore, we expect XRP/USD to move sideways later today until either a high thigh above $0.65 or lower low below $0.60 is broken.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin gas gained 0.28 percent while Ethereum 1.56 percent. Rest of the market trades with similar results.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6147 – $0.632, indicating a moderate amount of volatility. Trading volume has decreased by 27.65 percent and totals $1.522 billion. Meanwhile, the total market capitalization trades around $28.8 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart – XRP still moves sideways

On the 4-hour chart, we can see the Ripple price moving sideways over the last 24 hours after the $0.65 resistance was tested as the market has not decided where to move next.

Ripple price analysis: XRP retraces from $0.65 resistance, sideways movement to follow today?
XRP/USD 4-hour chart. Source: TradingView

The overall market traded in a slightly bullish momentum over the past weeks after a strong spike lower was seen at the end of June around $0.50. From there, ETH/USD rallied again and reached the 100 day moving average blue line that acted as a strong resistance.

What followed was a retracement lower and a failed attempt to set a further high around $0.70, From there, the Ethereum price started to push lower and broke the previous swing low around $0.64 earlier this week. What followed was another push lower to the $0.60 mark, where a clear lower low was set.

Yesterday, ETH/USD retested the $0.65 mark as resistance and started moving sideways from there. Therefore, we can likely expect another push lower early next week. However, ETH/USD might gain strength over the next hours and break above the $0.65 mark as bears become exhausted.

Ripple Price Analysis: Conclusion 

Ripple price analysis is neutral for today as the market moved sideways over the past hours after retracing from the $0.65 resistance. Therefore, we expect XRP/USD to move either way later today and indicate where the market is headed next week.

While waiting for Ripple to decide where to move next, read our guides on what is DeFi, Bitcoin fees, as well as 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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