Ripple Price Analysis: XRP still tests $0.70 support, set for breakdown today

Description

TL;DR Breakdown XRP continued to trade above $0.70 overnight. Further downside is still prevented by the $0.70 support. Ripple is likely to break lower today Ripple price analysis is bearish for the next 24 hours as bearish momentum is still strong, and we have not seen strong signs of rejection for further downside. Therefore, we … Read more

TL;DR Breakdown

  • XRP continued to trade above $0.70 overnight.
  • Further downside is still prevented by the $0.70 support.
  • Ripple is likely to break lower today

Ripple price analysis is bearish for the next 24 hours as bearish momentum is still strong, and we have not seen strong signs of rejection for further downside. Therefore, we expect XRP/USD to break below the $0.70 support and reach the $0.65 mark next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with a small loss over the last 24 hours. Market leader, Bitcoin is down by 2.29 percent, while Ethereum is down by 0.47 percent. The rest of the top altcoins follow with results somewhere in-between.

Ripple price movement in the last 24 hours: Ripple still attempts to break $0.70

XRP/USD traded in a range of $0.7019 – $0.7236, indicating mild volatility over the last 24 hours. Trading volume has slightly increased and totals $2.633 billion. Meanwhile, the total market capitalization trades around $32.8 billion, ranking the cryptocurrency in 6th place.

XRP/USD 4-hour chart: XRP prepares for another push lower?

On the 4-hour chart, we can see the Ripple price currently gathering momentum to break below the $0.70 support level.

Ripple Price Analysis: XRP still tests $0.70 support, set for breakdown today
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has traded with a strong bullish momentum over the last weeks. After XRP/USD established a new swing low of around $0.52, the market rallied by more than 50 percent to the $0.78 high.

Any further upside was rejected from the $0.78 high, and a spike to the $0.70 support was seen on Sunday. From there, Ripple price made a small rally back towards the previous swing high and reversed again.

Yesterday, XRP/USD moved lower once again and made another attempt to break below the support. Overnight further upside could not be seen, however, the market did not see a substantial rejection for further upside, indicating that we are likely currently seeing a pause before further downside over the following days.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish for the next 24 hours as bearish momentum is still strong despite the $0.70 preventing further downside overnight. Therefore, we expect XRP/USD to move lower later today and try to reach the next support around $0.65 next.

While waiting for Ripple to decline, read our articles on Satoshi Nakamoto, DeFi advantages, as well as Bitcoin fees.

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.

Leave a Comment