Ripple price analysis: Ripple slowly retraces in preparation for push to $0.40?
Ripple (XRP) seems to have dulled its price action in preparation for the price pump which many think is to come in the coming days. As we can see from the chart below, the price of Ripple has suffered a major correction which has seen the price of the coin retrace to a few dollars and seems to be in preparation for a re-test of the $0.40 mark.
It appears the bulls are starting to lose steam, with a major bearish pattern tightening on the RSI. The XRP/USD pair is treading through $0.3299 and $0.3244. The three-wave impulse appears set to continue in the short term, but in the long term the trend is highly likely to resume the sub-$0.3100 range.
Summary of the situation
XRP moved sideways around $0.60 yesterday.
A slight pullback to the upside overnight.
The bears are probably ready to push Ripple down.
The ripple price analysis for today is bearish, as the market rose overnight and set a lower high. Therefore, we expect the XRP/USD to move lower in the next 24 hours and try to break the $0.50 support.
Heatmap for crypto-currencies. Source: Coin360
Overall, the cryptocurrency market traded with strong bullish momentum over the past 24 hours. Bitcoin is up about 4% and Ethereum is up almost 10%. The rest of the market follows this pattern with several bullish results.
Ripple price movement in the last 24 hours
The XRP/USD traded in a range of $0.5976 – $0.6537, indicating high volatility. The total market size is about $29.2 billion, which puts the cryptocurrency in 7th place overall. Meanwhile, total trading volume still stands at $2.26 billion, the same level as yesterday.
XRP/USD 4-hour chart – Is the XRP preparing for another wave of declines?
On the 4-hour chart, we can see that Ripple’s price action has reached a lower high, from where it will fall in the next 24 hours.
XRP/USD four-hour chart. Source: TradingView
Overall, Ripple’s price action has shown strong bearish momentum in recent weeks. After the last major high at $1.10, the XRP/USD pair fell more than 50% to a low of $0.50.
The one on the 22nd. The $0.50 low reached in June was well below the previous low reached in late May. Therefore, we can assume that the overall structure of the price action remains bearish. This should lead to further losses for Ripple in the coming weeks.
Late last week, we saw Ripple retest the previous key support around $0.70 as resistance. The XRP/USD price then went down and consolidated around the $0.60 level.
After a brief upside test overnight, the red line of the 50-period moving average was reached, indicating a strong resistance area. Combined with the earlier bearish price action, this is expected to lead Ripple to another downward move in the next 24 hours.
Ripple price analysis: Supplement
Ripple’s price analysis is bearish as the market hit a new low overnight and is gearing up for further declines later this week. Such price action should see XRP/USD drop below $0.50 support, with the next support expected at $0.40.
In anticipation of Ripple’s decline, read our guides on the benefits of DeFi, bitcoin commissions and what you can buy with bitcoin.
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