Ripple price analysis: XRP breaks below $0.64 after failing to set further highs.

Ripple price analysis: XRP breaks below $0.64 after failing to set further highs.

After successfully breaking a resistance level at $0.70, Ripple’s XRP price has retreated back to the same level. The cryptocurrency is currently exchanging hands at a price of $0.64, where it has been stuck for the past 36 hours. At the moment, Ripple is seeing weak liquidity.

The price of XRP is down over 6% today after it failed to break out of the January high of $0.70.

Summary of the situation

  • The XRP dropped overnight.
  • The XRP/USD price has approached the $0.60 support level.
  • Further declines are expected.

Today’s price analysis for Ripple is bearish, as the market set a lower high earlier this week and is currently heading towards the $0.60 support level. Thus, the market dynamics are once again on the downside and we can expect further declines from here on out.

Heatmap for crypto-currencies. Source: Coin360

Ripple price analysis: XRP breaks below $0.64 after failing to set further highs.

The general market has moved into negative territory over the past 24 hours. Bitcoin lost 7.1 percent and Ethereum lost 8.9 percent. Other altcoins are trading at a similar loss of 6-9%.

Ripple price movement in the last 24 hours

The XRP/USD traded in the range of $0.6164 – $0.6727, indicating high volatility over the past 24 hours. Transaction volume increased nearly 11% to $2.3 billion. At the same time, the total market size is $28.4 billion, which puts the cryptocurrency in 6th place overall.

XRP/USD Four Hour Graph – XRP Bounces Down

On the 4-hour chart, we see that the price of Ripple is pushing lower today, after it failed to reach a higher high earlier this week.

XRP/USD four-hour chart. Source: TradingView

Ripple price analysis: XRP breaks below $0.64 after failing to set further highs.

Looking at the performance of the Ripple price in recent weeks, we can see that the bulls have regained control after the sharp drop to the $0.50 level in June. Then the XRP/USD rally began with a significant top around the $0.73 mark.

However, the XRP/USD failed to make new highs and encountered resistance around the $0.70 level. There was a slight decline at the beginning of the week, which led to a consolidation and subsequent decline overnight.

Overall, this suggests that Ripple is not yet ready to go higher, and we can expect XRP/USD to test the $0.60 support level.  After that, we are likely to see a small rally upwards and another push downwards that should lead to a significant decline in the coming weeks.

Ripple price analysis: Supplement

The Ripple price analysis for today is bearish, as the market set a lower high earlier this week and broke lower after a consolidation overnight. Therefore, we can expect XRP/USD to drop further to the next support around $0.60.

While we wait for Ripple to hit the $0.60 mark, check out our guide on the benefits of DeFi, bitcoin commissions, and what to buy with bitcoins.

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