cryptopolitan.com
- Ripple price analysis is bearish today.
- XRP/USD continued sideways yesterday.
- $0.75 support is likely to be tested again.
Ripple price analysis is bearish today as we have seen failure to retrace as the market continued to consolidate above $0.75. Therefore, we expect XRP/USD to drop even lower early next week and continue the overall retracement.
The market has seen steady trading over the last 24 hours. The leaders, Bitcoin and Ethereum, moved in the green, with 0.23 and 0.51 percent gains. Meanwhile, the rest of the top altcoins such as Ripple, saw a slight decline.
Ripple price movement in the last 24 hours: Ripple fails to retrace, continued sideways
XRP/USD traded in a range of $0.7552 – $0.768, indicating small volatility over the last 24 hours. Trading volume has declined by 32.81 percent, totaling $957 million, while the total market cap trades around $36.53 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP looks to continue lower?
On the 4-hour chart, we can see the Ripple price action lacking buying pressure so far today, indicating that selling should soon return.
Ripple price action has seen more downside over the past week. Another strong spike lower in the beginning of the week took XRP/USD to new lows at $0.75.
Initial reaction higher was strong, setting a lower high around $0.79. From there, another push lower resulted in a retest of the $0.75 support by the end of Friday.
Since then, the Ripple price action has traded in a narrow consolidation. Unless a strong break higher is seen, further downside is expected to be tested early next week, with the next major support target located at $0.72.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen not much buying pressure ever since the $0.75 support was retested late on Friday. Therefore, we expect XRP/USD to continue even lower early next week and retrace even more from the previous major upswing.
While waiting for Ripple to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.