Ripple price prediction: Ripple moves to retest descending trendline, further downside overnight?

Description

TL;DR Breakdown XRP retests support around $1.25. Next resistance at the several-day descending trendline. Next support at the $1 mark. Today’s Ripple price prediction is bearish as the market retraces towards the several-day descending trendline after setting another lower low yesterday. Therefore, we expect another push lower over the next 24 hours, potentially to the … Read more

TL;DR Breakdown

  • XRP retests support around $1.25.
  • Next resistance at the several-day descending trendline.
  • Next support at the $1 mark.

Today’s Ripple price prediction is bearish as the market retraces towards the several-day descending trendline after setting another lower low yesterday. Therefore, we expect another push lower over the next 24 hours, potentially to the $1 mark.

TL;DR Breakdown

  • XRP retests support around $1.25.
  • Next resistance at the several-day descending trendline.
  • Next support at the $1 mark.

Today’s Ripple price prediction is bearish as the market retraces towards the several-day descending trendline after setting another lower low yesterday. Therefore, we expect another push lower over the next 24 hours, potentially to the $1 mark.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today as we have seen a recovery over the past hours. The market leader, Bitcoin has regained the $50,000 mark and trades with a 3 percent gain. Meanwhile, Ethereum has seen an even better performance with a gain of over 6 percent as bulls look to push it back above the $4,000 mark. Cardano (ADA) is among the best performers with a gain of almost 18 percent.

Ripple price prediction: Ripple moves to retest descending trendline, further downside overnight?

XRP/USD opened at $1.364 after retesting the $1.2 support yesterday and closing bullish. Since then, the Ripple price has moved higher and has reached the $1.4 mark. The first resistance is seen higher, around the $1.45 mark, where the several-day descending resistance trend line is located. From the trendline, XRP/USD will likely reverse and make another move lower over the weekend.

Ripple price movement in the last 24 hours

The XRP/USD price moved in a range of $1.23 – $1.41, indicating a good amount of volatility. Trading volume has decreased by 9.81 percent and stands at $10.3 billion over the last 24 hours. Meanwhile, the total market cap has seen an increase to $48.8 billion, ranking the cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP retests support around $1.25 overnight

On the 4-hour chart, we can see Ripple price moving higher over the last hours towards the several-day descending resistance trendline.

XRP/USD 4-hour chart. Source: TradingView

Overall, Ripple still retraces after peaking around the $1.75 mark at the beginning of May and setting a new major swing lower high. Since then, several lower highs and lows have been establishing, with a clear descending trendline formed from the past three highs. This indicates that Ripple is still in a relatively strong retracement, and we could see further lows set later this month.

Yesterday, we saw Ripple find support around the $1.20 mark once again. After a brief push higher, Ripple moved sideways overnight as it established a support base for the next move higher.

Earlier today, Ripple started to move higher and currently trades below the $1.40 mark. Once the descending trendline is retested, we should see a further lower low attempted to be set over the weekend. Since the next major support is located at the $1 mark, we could see XRP/USD drop another 25-30 percent from the current price.

Alternatively, if the Ripple price action gains more bullish momentum and breaks above the descending trendline, we should see further push to $1.50 previous swing high. From there, XRP will likely start to reverse in a much serious way.

Ripple Price Prediction: Conclusion 

Ripple price prediction is bearish as the market moves to retest the several-day descending trendline of resistance over the past hours. Therefore, unless XRP/USD can break above the resistance, we expect another push lower over the weekend.

While waiting for further Ripple price action development, read our investing in cryptocurrencies guide. To learn more about other altcoins, see our Ethereum Classic price prediction and Monero mining guide.

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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