- XRP moved lower yesterday.
- Support around $0.58-$0.60 tested again overnight.
- Ripple spiked higher earlier today.
Ripple price analysis indicates bearish momentum today as the market continued to drop yesterday and saw a quick spike higher this morning. Therefore, another lower high has been set, and we can expect XRP/USD to break below the $0.58-$0.60 support area over the next 24 hours.
The cryptocurrency market trades with slightly bearish results over the last 24 hours. Bitcoin and Ethereum have lost around 2.1 percent, while Binance Coin (BNB) is among the best performers, with a gain of around 3.2 percent.
Ripple price movement in the last 24 hours: Ripple sets another lower high
XRP/USD traded in a range of $0.5891 – $0.6168, indicating mild volatility. Trading volume has increased by 15.66 percent and totals $2 billion. Meanwhile, the total market capitalization stands around $27.8 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: ready to break below $0.58?
On the 4-hour chart, we can see the Ripple price spiking higher over the past hours to prepare for another push lower.
The overall Ripple price action structure trades with a strong bearish momentum over the past weeks. After a new medium-term high was set around $0.74, XRP/USD failed to set another higher high, and the market started to retrace.
The first major push to the downside was seen on the 9th of July, with the $0.58-$0.60 support area preventing further downside. What followed was a retracement to $0.65 to retest the previous support as a resistance.
From the $0.65 resistance, XRP/USD moved lower again over the past days until the $0.58-$0.60 support area was reached again. From there, we saw the support area retested for the second time overnight, after which the Ripple price rallied and established a lower high over the last hours.
The rally earlier today set another slightly lower high, which should lead XRP/USD towards a lot more downside later today. This Ripple price action development indicates that we will see a break below the support area and further downside over the weekend, with the $0.50 mark targeted next.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next 24 hours as another local lower high was set along the 50 period moving average redline, and the market starts to push lower again. Therefore, we expect XRP/USD to drop even further and finally break below the $0.58-$0.60 support area to reach the next significant support, around $0.50 over the weekend.
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