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Ripple Price Analysis: XRP sets another high around $0.58, prepares to decline further?

Ripple Price Analysis: XRP sets another high around $0.58, prepares to decline further?


TL;DR Breakdown

  • XRP moved higher yesterday.
  • Resistance found around $0.58.
  • Market likely to target $0.50 next

Ripple price analysis indicates bearish momentum to follow over the next days as a new lower high has been set overnight. Therefore, we expect XRP/USD to decline over the rest of the week and target the $0.50 support next.

Cryptocurrency heat map. Source: Coin360

The overall market trades with a bullish momentum over the last 24 hours. Bitcoin is up by $0.73 percent, while Ethereum is up around 3.14 percent. Stellar (XLM) is among the best performers with a gain of 16.8 percent.

Ripple price movement in the last 24 hours: Ripple rallies to $0.58

XRP/USD traded in a range of $0.5598 – $0.5886, indicating a good amount of volatility over the last 24 hours. Trading volume has increased by 28.9 percent and totals $2.75 billion, while the total market capitalization trades around 26.93 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: ready to move lower again?

On the 4-hour chart, we can see the Ripple price establishing another lower high in preparation for further downside later this week.

Ripple Price Analysis: XRP sets another high around $0.58, prepares to decline further?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action trades with a strong bearish momentum over the last weeks after a new swing high was set around the $0.74 mark at the end of July. Since then, XRP/USD has declined by around 30 percent as the $0.52 was reached on Tuesday.

After some consolidation around the $0.52 mark, XRP started to rally yesterday and quickly reached the previous support area around $0.58. Any further upside was rejected as soon as Ripple price went above the $0.58 mark, with consolidation sideways overnight. 

This means that XRP/USD is likely to decline again, and we can expect the market to pivot over the next 24 hours. The next target is located around the $0.50 mark, and once breached, it will likely lead XRP/USD towards a lot more downside over the next weeks.

Ripple Price Analysis: Conclusion 

Ripple price analysis indicates bearish momentum to follow later this week as a new lower high was established overnight. Therefore, XRP/USD is set to target the $0.50 next and continue declining along with the overall several-week bearish momentum. 

While waiting for Ripple to decline further, read our guides on Bitcoin fees, DeFi advantages, as well as what can you do 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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