Ripple price analysis is bearish today.XRP/USD saw a steady decline overnight.Support at $0.70 is almost reached.
Ripple price analysis is bearish today as we have seen a steady decline reach further downside over the last few days. Therefore, XRP/USD should continue even lower and move past the $0.70 support next.
Cryptocurrency heat map. Source: Coin360
The market has moved with low momentum over the last 24 hours. The leader, Bitcoin, gained 0.55 percent, while Ethereum lost just 0.13 percent. Ripple saw the same calm price action with a 0.32 percent loss.
Ripple price movement in the last 24 hours: Ripple continued to retrace towards $0.70
XRP/USD traded in a range of $0.7069 to $0.7155, indicating slight volatility over the last 24 hours. Trading volume has declined by 38.21 percent, totaling $1.18 billion, while the total market cap trades at $34.2 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP looks to reach $0.70 today?
On the 4-hour chart, we can see slight bearish momentum still in control over the Ripple price action, likely leading to further downside by the end of the day.
XRP/USD 4-hour chart. Source: TradingView
The Ripple price action has seen the retracement that began last week continue this week. From the last swing high at $0.80, XRP/USD has already retraced over 12 percent, indicating that almost all previous gain has been reclaimed.
The last push lower has started to slow down over the weekend as XRP approached the $0.70 major support level. Therefore, it is important to wait for how the market will react at this level.
If the $0.70 breaks, a lot more downside could follow rather quickly next week. Alternatively, if it holds, the Ripple price action could set a slightly higher swing low and look to move even higher to end the several-week long bearish trend.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen a steady decline continue over the last 24 hours. Therefore, we expect XRP/USD to reach the $0.70 mark next and potentially break even lower.