- XRP set a lower low yesterday.
- $0.60 mark currently retested as resistance.
- Next target at $0.50
Ripple price analysis indicates bearish price direction later today as the market set further low yesterday and retraced to retest the $0.60 mark. Therefore, we assume that XRP/USD will move lower later today and target the $0.50 next.
The overall market trades with a slightly bullish sentiment over the last 24 hours. Bitcoin is up by 0.29 percent, while Ethereum is around 4.1 percent. Dogecoin (DOGE) is among the best performers, with a gain of almost 9 percent.
Ripple price movement in the last 24 hours: Ripple retested the $0.60 resistance
XRP/USD traded in a range of $0.5789 – $0.6012, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by almost 20 percent and totals $1.5 billion. Meanwhile, the market cap stands at around $27.15 billion, ranking cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP targets $0.50 next
When looking at the 4-hour bar chart, we can see the Ripple price action retracing overnight to retest the $0.60 mark as resistance before further push lower next week.
Ripple continued to decline over the past week after a failure to set further highs at the beginning of July. A clear lower high was set on the 5th of July, with a strong lower low set on the 8th of July after some consolidation.
From there, XRP/USD quickly reached $0.60 support and retested the $0.65 previous lows as a resistance level. This price action development led XRP towards further downside over the next few days, with the $0.60 support broken yesterday.
What followed was a slight rally overnight to the $0.60 mark as bears prepare for another push lower early next week. We predict XRP/USD will attempt to reach the $0.50 mark over the following days, where we could see indecision for Ripple on where to move next.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next 24 hours as the market has retraced overnight and bears prepare for another move lower along the several-week bearish downswing. Therefore, we expect XRP/USD to push lower later today and target the $0.50 support area early next week.
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