After a long period of a flat or down trend, Ripple price has recently broke above $0.80 and is ready to retest the recent low of $0.70. The recent spike could be a conclusion to retest of the 2018 lows, but it may also be a run to avoid the potential negative news that could come from China in the upcoming weeks.
The ripple price is falling and is currently trading at $0.80. However, the bearish market is not showing signs of stopping as it is still trading at the $0.80 level and seems to be going nowhere. The cryptocurrency is now in a critical stage and the price needs to break through the $0.86 to be able to break out of the bearish market and start climbing up.Summary of the situation
- XRP dropped sharply yesterday.
- Support was found at $0.77.
- The market is ready for a pullback today.
Ripple’s price analysis for today is bullish, as the bears likely ran out of steam and failed to push the market lower overnight. Therefore, we can expect the XRP/USD to pull back and set a lower high today. Crypto-currency heat map. Source: Coin360 The broader market is trading in the red today, with bitcoin down 5.5% and Ethereum down 4.4%. The rest of the altcoin market has followed this pattern of moderate losses over the past 24 hours.
Ripple price movement in the last 24 hours
The XRP/USD was trading in the range of $0.775 – $0.8449, indicating moderate volatility. Trading volume rose slightly by 4.59% to $2.6 billion. At the same time, the total value of the market is $36.7 billion, which puts the cryptocurrency in 7th place overall.
4-Hour chart XRP/USD – XRP makes a low
On the 4-hour chart, we can see that the price of Ripple dropped below $0.80 yesterday, indicating that a lower low has formed. Four Hourly Chart XRP/USD. Source: TradingView The overall sentiment of Ripple price action remains slightly bearish after the market moved sideways around the $0.80 support level in recent weeks. Last month, we saw the XRP/USD pull back more than 60% from its last major high of $1.70. This means that the bears are probably exhausted and we can expect a trend reversal in Ripple in the coming weeks. Earlier this week, XRP tested support at $0.80 and established resistance around $0.90. As a result, Ripple is now essentially trading in a sideways consolidation. There was a small move below the $0.80 level yesterday, which may indicate that the bears are regaining the upper hand. However, with only a minor breakout, we could still see XRP/USD move towards the $0.90 breakout level in the coming days. Once Ripple sets a higher top, the overall market momentum will turn bullish again and head towards the current top of $1.70.
Ripple price analysis: Supplement
Ripple’s price analysis is bullish for today, as the market has formed a pullback and a slight low below the $0.80 level over the past 24 hours, indicating continued bearish momentum. However, we expect a reversal upwards today as the bulls try to regain some of their losses above the 40.80 level. In anticipation of Ripple’s rise, read our latest articles on Chinese miners, problems with Cardano, and how to cash out bitcoins. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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