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Ripple Price Analysis: XRP rejects further upside above $0.62, prepares to move lower?

Cryptopolitan


TL;DR Breakdown

  • XRP continued to move higher yesterday.
  • Consolidation around $0.61 was established overnight.
  • XRP/USD prepares for further downside.

Ripple price analysis indicates bearish momentum to follow next week as further upside was heavily rejected overnight. Therefore, we expect XRP/USD to start declining over the next 24 hours to reach the $0.52 previous low next week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a slight bullish momentum over the last 24 hours. Bitcoin increased by 1.77 percent, while Ethereum around 0.35 percent. 

Ripple price movement in the last 24 hours: Ripple rallies to $0.62 and rejects further upside

XRP/USD traded in a range of $0.5982 – $0.6207, indicating a mild amount of volatility. Trading volume has decreased by 9.42 percent and totals $1.86 billion. Meanwhile, the total market capitalization trades around 27.84 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: XRP set for another decline? 

On the 4-hour chart, we can see the Ripple price rejecting further upside as bears prepare to take over control.

Ripple Price Analysis: XRP rejects further upside above $0.62, prepares to move lower?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action continued to trade in a strong bearish momentum over the past weeks after a quick spike to the $0.73 mark was seen on the 29th of July. From the $0.73 mark, XRP/USD failed to move any higher and started trending lower once again along with the overall several-month bearish momentum.

On Monday, a rapid spike lower resulted in a slightly higher low set around $0.52, indicating that bulls could slowly be gaining momentum. However, after a more than 20 percent rally over the past days, XRP/USD established another lower high around $0.62 and rejected further upside.

This Ripple price action development indicates that bulls are exhausted and we can expect a reversal to be seen early next week. Therefore, XRP/USD is set for another push lower to test the major support area around $0.50-$0.52 once again. In case the support area is broken, we can expect a lot more downside over the following weeks.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish for the upcoming days as XRP/USD has regained almost 20 percent since the $0.52 low and currently rejects further upside. Therefore, we expect XRP/USD to start trading lower next week to retest the $0.50-$0.52 support area once again. 

While waiting for Ripple to see further lows, read our guide on Bitcoin fees, what can you buy with Bitcoin, as well as what is DeFi.

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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