Ripple Price Analysis: XRP retests $0.60, slowly prepares for a push towards $0.50

TL;DR Breakdown

  • 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.

Cryptocurrency heat map. Source: Coin360

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 Price Analysis: XRP retests $0.60, prepares for a push towards $0.50
XRP/USD 4-hour chart. Source: TradingView

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.

While waiting for Ripple price to drop further, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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