Ripple price prediction: Ripple breaks $0.85, prepares to reverse?

Description

TL;DR Breakdown XRP tests support at $0.80. XRP moved higher earlier today. The support found around $0.90. Today’s Ripple price prediction is bearish as the market continued moving lower yesterday and set a slightly higher low at $0.80. From there, XRP/USD started moving lower again over the past hours as bears look to test further … Read more

TL;DR Breakdown

  • XRP tests support at $0.80.
  • XRP moved higher earlier today.
  • The support found around $0.90.

Today’s Ripple price prediction is bearish as the market continued moving lower yesterday and set a slightly higher low at $0.80. From there, XRP/USD started moving lower again over the past hours as bears look to test further lows.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today. Bitcoin is up by 3 percent, while Ethereum remains flat. Meanwhile, Cardano (ADA) is among the best performers, with a gain of 14.44 percent.

XRP/USD opened at $0.832 after a slight bearish close yesterday. Since then, some retracement to the upside was seen, with a local lower high set. Therefore, we expect the Ripple price to move lower over the next 24 hours.

Ripple price movement in the last 24 hours

The XRP/USD price moved in a range of $0.7951 – $0.9085, indicating mild volatility. Trading volume has increased by 5.67 percent, totaling 5.2 billion. The total market cap trades at $40.47 billion, ranking cryptocurrency in 6th place overall.

XRP/USD 4-hour chart – Ripple sets a lower high

On the 4-hour chart, we can see the Ripple price retrace over the last 24 hours and retest resistance at $0.90, from which we expect to see another move lower latest today.

Ripple price prediction: Ripple breaks $0.85, prepares to reverse?
XRP/USD 4-hour chart. Source: TradingView

The overall market trades with substantial losses over the past weeks. After peaking at around $1.70 at the beginning of May, the market retested the $1.70 resistance on the 18th of May and from there quickly dropped 60 percent to $0.64 support.

After a slight recovery to the $1.05 mark, XRP/USD reversed again and pushed lower over the last few days. Overnight XRP/USD dropped another 26 percent and found support at the $0.80 mark. From there, XRP/USD retraced to $0.90 and started to reject further upside again.

Therefore, we can expect XRP/USD to move lower over the next 24 hours and set another local low. However, a sling a the $0.64 mark is not broken, we still expect the overall Ripple price action momentum to shift to the upside next week.

Ripple Price Prediction: Conclusion 

Ripple price prediction is bearish as the market rejects further downside and prepares to move lower once again. Therefore, we expect XRP/USD to set another lower low over the next 24 hours before a much more substantial reversal can be set. 

While waiting for further Ripple price action development, read our latest guides on Cardano, Zcash, and Litecoin.

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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