XRP/USD set to break above $0.70


Ripple price analysis is bearish today as the price of XRP/USD is down by 1 percent in the last 24 hours. The pair is trading at $0.69 at press time and looks set to break below the $0.70 resistance.

The 4-hour chart shows that the pair has formed a descending triangle pattern and is currently trading at the bottom of the triangle. The triangle is a bearish pattern and the breakout is likely to happen on the downside.

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Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market is trading in a strong bearish trend for the last 24 hours as portrayed by the red colour on the heatmap. The largest digital asset is down by 2 percent while ETH records a 1 percent price decline. Altcoin is also on a bearish trend. Ripple is down by slightly bearish with a 1 percent price dip in the last 24 hours.

Ripple price analysis shows that the digital asset is currently trading at $0.57 after a slight rebound from yesterday’s intraday low of $0.56. The market has been on a multi-day decline following the rejection at $0.6. The market is down by a total of 8 percent over the last 7 days as it continues to fall alongside other major digital assets in the market.

The next support for the pair is at $0.68 and if the price breaks below this level, it can drop to $0.65 in the short term.

On the other hand, if the price manages to break above $0.70, it can surge to $0.72 in the near term.

The overall market sentiment is bearish and Ripple price analysis also suggests a bearish outlook for the coin. The next support levels to watch out for are at $0.68 and $0.65 while the resistance levels are at $0.70.

Ripple price movement in the last 24 hours: XRP/USD trades in a tight range

XRP/USD traded in a range of $0.5528 – $0.575, between the intraday low and high. Ripple’s price action over the last 24 hours has been mostly consolidation with a slight bearish bias as seen by the market testing briefly below $0.57. The digital asset currently has a market capitalization of $27 billion and is down by 1 percent over the last 24 hours.

XRP/USD 4-hour chart: Recent price developments

On the 4-hour chart, XRP/USD has formed lower highs and lower lows which confirms the presence of bearish pressure in the market. The market is currently trading below the moving averages which indicates that the path of least resistance is to the downside.

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XRP/USD 4-hour chart. Source: TradingView

The 4-hour chart for XRP/USD shows that the market has been on a downtrend since early this month. The market is currently trading below the moving averages which indicates that the path of least resistance is to the downside.

Looking at the technical indicators, Ripple price analysis shows that the market is likely to continue its bearish trend in the near term. The RSI is currently trading at 37 which indicates that the market is oversold and a rebound can be expected. However, if the price break simple price analysis shows that the digital asset is currently trading at $0.57 after a slight rebound from yesterday’s intraday low of $0.56.

Ripple price analysis: Conclusion 

The overall market sentiment is bearish and Ripple price analysis also suggests a bearish outlook for the coin. The next support levels to watch out for are at $0.68 and $0.65 while the resistance levels are at $0.70.

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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