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Ripple price analysis: Ripple spikes to $0.64 previous low, a retracement to follow?

TL;DR Breakdown XRP moved lower over the past hours. $0.64 support to be tested next. Ripple to move higher over the next 24 hours.  Ripple price analysis is bullish for the remainder of today as bears have pushed the market to the $0.64 support over the past hours and some rejection for further downside is […]

TL;DR Breakdown

  • XRP moved lower over the past hours.
  • $0.64 support to be tested next.
  • Ripple to move higher over the next 24 hours. 

Ripple price analysis is bullish for the remainder of today as bears have pushed the market to the $0.64 support over the past hours and some rejection for further downside is seen. Therefore, we expect XRP/USD to regain some of the loss later today.

Ripple price analysis: Ripple spikes to $0.64 previous low, a retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin has lost 4.3 percent, while Ethereum 4.93 percent. Dogecoin is among the worst performers with a loss of 10.5 percent.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6545 – $0.7798, indicating a good amount of volatility. Trading volume has spiked by 34.5 percent and totals $3.67 billion. Meanwhile, the total market cap stands at $31 billion, ranking cryptocurrency in 6th place overall.

XRP/USD 4-hour chart – spiked to $0.64

On the 4-hour chart, we can see the Ripple price action moving lower to test the $0.64 previous major swing high.

Ripple price analysis: Ripple spikes to $0.64 previous low, a retracement to follow?
XRP/USD 4-hour chart. Source: TradingView

XRP/USD 15-minute chart

Taking a closer look at the price action development over the past hours, we can see that Ripple price spiked to the $0.65 mark over the past hours. From there, the market retraced some of the loss and retested the $0.68 previous support as a resistance. 

This Ripple price action development should lead XRP/USD towards another push lower over the next hours, with the $0.64 mark as the support to be tested next.

Ripple price analysis: Ripple spikes to $0.64 previous low, a retracement to follow? 2
XRP/USD 15-minute chart. Source: TradingView

The overall Ripple price action development is bearish over the past weeks. After spiking to the $0.64 mark first on the 23rd of May, XRP/USD quickly rebounded to the $1.10 mark in two wave to the upside.

From there, Ripple moved lower over the past weeks until support was finally found at around $0.80. This support was retested earlier last week, and after almost moving above the previous local low, the price action indicated a reversal.

However, on the 18th of June, Ripple spiked lower once more, and after some consolidation, pushed to the $0.70 mark. Yesterday, a brief rally made a lower local high, from which the market reversed to the downside once again.

Over the past hours, XRP/USD pushed even lower until the major support at $0.64 was almost reached. This means that Ripple price is in a decision right now where to go next. If the further downside is seen, we can expect a lot more downside over the next weeks.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for today, however bearish for the upcoming hours as bears will likely want to test the $0.64 over the following hours. However, from there, we should see a much stronger rally to the upside and above the $0.68 mark. 

While waiting for Ripple price to move higher, read our guide on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/ripple-price-analysis-2021-06-21/

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