- 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.
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 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.
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