Ripple price analysis is bearish today.XRP/USD found support at $0.745 yesterday.Quick spike higher seen over the last hours.
Ripple price analysis is bearish today as we expect more downside to follow after a quick spike higher could not reach further upside at $0.765. Likely XRP/USD will reverse again and look to test further downside over the remainder of the week.
Cryptocurrency heat map. Source: Coin360
The market has moved in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 2.61 and 2.02 percent, respectively. Meanwhile, Ripple followed with just a 0.66 percent gain.
Ripple price movement in the last 24 hours: Ripple sets both higher low and lower high
XRP/USD traded in a range of $0.7444 to $0.7638, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by just 0.97 percent, totaling $1.812 billion, while the total market cap trades at $36.6 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to decline again?
On the 4-hour chart, we can see the Ripple price being rejected again, indicating that another drop can be soon expected.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action saw a strong upsurge last week. From the current major low at $0.69, XRP/USD rallied over 16 percent to the $0.80 mark by 16 April 2022.
Since then, retracement has slowly followed, leading to a higher low set at $0.73 and indicating a potential trend reversal for the overall medium-term bearish market structure. However, further upside is yet to be seen as another lower high was set on Tuesday.
Yesterday, push lower also made a higher low, indicating consolidation in an increasingly tighter range formed. Therefore, a break to either side is needed to predict where the Ripple price action is going next accurately.
Considering the current rejection of upside, most likely bearish momentum will follow. If the $0.745 current local low gets broken, we should see more downside tested by the end of the week.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market has failed to reach a substantial upside after a quick spike higher over the past hours. Therefore, we expect XRP/USD to move even lower and test further downside next.