Ripple price analysis: XRP retraces from $0.74, prepares to move to $0.80?
After a massive surge last week, Ripple’s (XRP) price is now moving towards a $0.80 price point. There are several factors behind this move, which are detailed below:Summary of the situation
- The XRP dropped overnight.
- Support today is at $0.65.
- The market will rise at the weekend
Ripple’s price analysis is bullish for the coming days, as the market has pulled back from the high of $0.74 in recent days and is back to $0.65. Therefore, we can assume that the XRP/USD has set a higher bottom from which it will rise in the coming days.
Four-hour chart XRP/USD. Source: TradingView
The overall market is still trading with strong bearish momentum, with no new highs reached in early June. After a pullback to the previous support level of $0.80, the XRP/USD pair failed to turn upward and eventually went down.
The 22nd. June support around $0.50 was reached, and in the following hours there was a slight rebound to $0.70. Earlier this week, the XRP/USD began to rise again, setting a slightly higher high at $0.73.
Litecoin has since fallen to $0.63 in the past 24 hours. Right now, we can assume that the XRP/USD is trying to establish a higher bottom from which it can bounce in the coming days. However, there is still no clear signal of a higher decline in sight, so a further decline can be expected later today.
Ultimately, once XRP establishes a higher bottom, we can expect another push higher over the weekend, with the next resistance target at $0.80. Once the $0.80 resistance is reached, the overall market structure of the XRP/USD will look much more bullish.
Ripple price analysis: Supplement
Ripple’s price analysis is bullish for the coming days as the market pulled back overnight and set a high low. Therefore, we can expect XRP/USD to rise further towards $0.80 and regain bullish momentum if there is no further decline.
In anticipation of the next wave of Ripple growth, check out our guide on the benefits of DeFi, bitcoin costs and what you can buy with bitcoin.
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