Ripple price analysis: XRP aims to retest $0.65, rapid move lower from there? The XRP community is in a state of confusion. The price has been in a downward trend since mid-November, and on the back of negative sentiment, XRP has fallen to the $0.60 region just yesterday. Just as many XRP believers were breathing a sigh of relief at the news, the price has turned around and fallen to $0.60 again.
Ripple is a virtual currency dominated by XRP that is currently used by top banks such as UBS and Santander, and is soon to be accepted by the SWIFT payment network. Since the cryptocurrency is designed to be used in cross-border transactions, these banks need to have a digital currency to use. When Ripple first launched, XRP was trading around $0.0025, but it has since risen to a price of $0.20 (at present).
- XRP experienced a mild retracement yesterday.
- Market pushed to $0.65 again overnight.
- Further downside expected later today.
Ripple price analysis is bearish for today as the market looks to retest the $0.65 resistance again before moving lower latest today. Therefore, we expect XRP/USD to move towards the next support around $0.58 later this week.
Cryptocurrency heat map. Source: Coin360
The overall market trades in the red over the last 24 hours despite some upwards momentum overnight. Bitcoin has lost 3.21 percent, while Ethereum 5.63 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6185 – $0.6538, indicating mild volatility. Trading volume has increased by 6.46 percent and totals $1.87 billion. Total market capitalization stands around $29.4 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart – XRP prepares for another wave lower?
On the 4-hour chart, we can see the Ripple price attempting to retest the $0.65 resistance again before another push lower later today.
XRP/USD 4-hour chart. Source: TradingView
The overall market trades in a bearish momentum over the past weeks after XRP failed to set further highs at the end of June. A clear lower high was set around $0.70, after which the market started pushing lower and quickly reached the $0.60 mark.
What followed was a slow retracement to retest the $0.65 support as a resistance. From there, the Ripple price saw a slight decline yesterday and another attempt to retest the $0.65 overnight.
This price action development indicates that Ripple is likely ready for another push lower later today, with the $0.58 support as the next target. Once it is reached, Ripple price action will likely be in a tough decision to go next.
Ripple Price Analysis: Conclusion
Ripple price analysis indicates bearish price action momentum over the next few days as a clear lower high was set yesterday, and the market started to move lower again. Therefore, we will likely see XRP/USD move lower again later today and try to reach the next significant support level around $0.58 by the end of the week.
While waiting for Ripple to move lower, read our guides on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.
Disclaimer. The information provided is not trading advice. .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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