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
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
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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