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Ripple price analysis is bearish today as we have seen retracement to $0.40, where resistance was found, and the market reversed back lower. Therefore, XRP/USD is ready to decline further and reach towards the $0.34 previous swing low over the rest of the weekend.
The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, declined by 0.18 percent, while Ethereum by 0.27 percent. Meanwhile, Dogecoin (DOGE) is the top performer, with almost a 6 percent gain.
Ripple price movement in the last 24 hours: Ripple continues to test further downside
XRP/USD traded in a range of $0.3831 to $0.3881, indicating mild volatility over the last 24 hours. Trading volume has declined to $1.46 billion, while the total market cap trades around $18.6 billion, ranking the coin still in 6th place overall.
XRP/USD 4-hour chart: XRP looks to move below $0.38 local low?
On the 4-hour chart, we can see strong selling pressure continuing over the last 24 hours and the previous local low already tested, indicating that further lows should be reached by the end of the day.
Ripple price action has seen steady bearish momentum over the last week. After a slightly lower local high was set on Monday, XRP/USD began to consolidate above $0.40 major support.
On Thursday, a break lower eventually followed, leading to a new local low being reached at $0.38. Retracement to retest previous support at $0.40 as resistance was seen late yesterday, indicating that another lower high is set.
Since further upside quickly got rejected, we expect Ripple price to pivot lower again. Likely the $0.38 local low will soon be broken and Ripple will continue to decline over the rest of the weekend.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen further decline and test of previous local low at $0.38. Therefore, XRP/USD should break even lower and resume its way to the $0.34 major swing low.
While waiting for Ripple to move further, see our Price Prediction on WINkLink, BTCZ, and Tectonic.