Ripple price analysis: XRP swiftly continues to retrace, pauses above $0.75
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TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD broke past $0.81 support yesterday.
- Support found above $0.75 overnight.
Ripple price analysis is bearish today as we expect more downside to follow after a strong decline over the last 24 hours. Likely XRP/USD will attempt to break the next support at $0.75 today and continue to retrace the substantial gain seen earlier in the month.
The market has declined further over the last 24 hours. The market leader, Bitcoin, lost 2.7 percent, while Ethereum 5.66 percent. Ripple (XRP) follows with a substantial loss of over 7 percent.
Ripple price movement in the last 24 hours: Ripple drops another 8 percent
XRP/USD traded in a range of $0.753 – $0.8292, indicating substantial volatility over the last 24 hours. Trading volume has declined by 18.25 percent, totaling $3.1 billion, while the total market cap trades around $36.6 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP looks to test further downside?
On the 4-hour chart, we can see the Ripple price currently resuming to push lower, potentially leading to further retracement later in the day.
Ripple price action has seen strong bullish momentum return since the beginning of February. From the $0.60 mark, XRP/USD gained 50 percent by the 7th of February to the $0.90 mark.
After further attempts to move higher, bulls could not breach the newly found high at $0.90. Therefore, a drop lower began on Thursday, leading to local support at $0.81. After some hesitation, more downside was reached yesterday, leading to the current low at $0.76.
Overall, a pause for the decline could be seen today. However, considering the strong decline, a lot more downside could be reached soon as the market did extend very fast previously and needs to form a strong higher low.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen strong retracement over the last days. Likely, the selling pressure will continue later today, and more downside will be tested.
While waiting for Ripple to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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