Ripple price analysis: XRP retests $0.70 resistance, prepares to retrace?

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Following yesterday’s XRP price momentum which started after the news of a forthcoming XRP exchange listing went live, the cryptocurrency is right now consolidating around its 50-day moving average that it broke yesterday. The RSI is currently recovering, which is a sign that the bears are losing momentum.

XRP is currently trading at $0.70 and is correcting higher in a bullish manner. We have a bullish outlook if the price breaks the $0.80 resistance level. A break of the $0.70 support will trigger a sell-off towards the $0.70 support.

The XRP/USD pair broke out of a rectangle of declining candle bars to start an ascent to the $0.70 level. The pair enters a short term downtrend channel in the short term. The test of the resistance at $0.70 will likely determine the next leg of the price movement. The next support is at the $0.45 level.. Read more about news about xrp lawsuit and let us know what you think.

Summary of the situation

  • The XRP went up yesterday.
  • Resistance around $).70 was reached earlier today.
  • The market is likely to reject further growth.

Ripple price analysis is bearish for the next 24 hours as the market has hit $0.70 resistance with a rapid rise in the last few hours. Therefore, we can expect the XRP/USD to start a downward movement and reach new lows in the next 24 hours.

Four-hour chart XRP/USD. Source: TradingView

Ripple price analysis: XRP retests $0.70 resistance, prepares to retrace?

Ripple’s overall price structure remains bearish, as there was strong downward movement towards the $0.50 support level in recent weeks. With a low of $0.50 well below the last major low at the end of May around $0.70, we can expect the bears to try to take the market lower before the end of the month.

Overall, the market has been trading in the green recently, as the bulls hope to recoup some of their losses and return to higher levels. It peaked earlier this week, suggesting that bullish momentum is building. However, the subsequent pullback slowly dropped below the bullish support trendline for several days, indicating a loss of bullish momentum.

Yesterday, the XRP/USD moved up towards the $0.70 resistance, where a reversal is likely in the coming hours. As such, we expect the XRP/USD to start declining again later today and continue trading with overall bearish momentum on a weekly basis.

Ripple price analysis: Supplement

Ripple’s price analysis is bearish for the next 24 hours as the market heads towards $0.70 resistance after breaking the multi-day uptrend support line. From here, we expect further downward pressure as the bulls have lost momentum, and a new multi-day push to the previous low around $0.50.

While we wait for Ripple to come back down, read our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.XRP’s price is now back within range of its 1-month and 3-month horizontal support levels, indicating a possible retest. The asset’s price is currently at $0.7295, which is around the low end of the $0.7200 to $0.7300 range that Ripple’s price has been trading in over the past few weeks. However, $0.7300 appears to be a key horizontal support level in the 3-month chart, above which it would signal a breakout, or at least a continuation of the current upward trend.. Read more about xrp price high and let us know what you think.

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Emilia James
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