After breaking $0.65 resistance, the Ripple price is currently correcting lower and is likely to face another round of tests below $0.50 in the short term. In the medium term, bulls will need to regain control above $0.60 to avoid further declines.
Cryptocurrencies have seen a lot of volatility lately. One of the top coins by market cap, XRP, is down more than 60% from its all-time high. In the past month, it has lost more than 60% of its value. It looks like a bear market is in play for XRP as it retraces from $0.65 resistance, sideways movement to follow today.TL;DR Breakdown
- XRP set a clear lower high yesterday.
- Ripple moved sideways overnight.
- Market in indecision where to go next.
Ripple price analysis is neutral for the upcoming 24 hours as we can see sideway movement over the last 24 hours after the previous support around $0.65 was retested as resistance. Therefore, we expect XRP/USD to move sideways later today until either a high thigh above $0.65 or lower low below $0.60 is broken.
The overall market traded in a slightly bullish momentum over the past weeks after a strong spike lower was seen at the end of June around $0.50. From there, ETH/USD rallied again and reached the 100 day moving average blue line that acted as a strong resistance.
What followed was a retracement lower and a failed attempt to set a further high around $0.70, From there, the Ethereum price started to push lower and broke the previous swing low around $0.64 earlier this week. What followed was another push lower to the $0.60 mark, where a clear lower low was set.
Yesterday, ETH/USD retested the $0.65 mark as resistance and started moving sideways from there. Therefore, we can likely expect another push lower early next week. However, ETH/USD might gain strength over the next hours and break above the $0.65 mark as bears become exhausted.
Ripple Price Analysis: Conclusion
Ripple price analysis is neutral for today as the market moved sideways over the past hours after retracing from the $0.65 resistance. Therefore, we expect XRP/USD to move either way later today and indicate where the market is headed next week.
While waiting for Ripple to decide where to move next, read our guides on what is DeFi, Bitcoin fees, as well as what can you buy with Bitcoin.
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