Ripple price analysis is bearish today.XRP/USD continued to trade sideways overnight.Upside rejected again over the last hours.
Ripple price analysis is bearish today as we expect the market to retrace some of the gains seen earlier this week. Likely the $0.77 support will not hold for long, opening the way toward the $0.75 next resistance.
Cryptocurrency heat map. Source: Coin360
The market has moved with mixed results over the last 24 hours. The leader, Bitcoin, lost just 0.09 percent, while Ethereum gained 0.14 percent, indicating a calm trading session. Ripple (XRP) has seen similar price action, with a 0.14 percent gain.
Ripple price movement in the last 24 hours: Ripple fails to move higher, continues testing $0.77 support
XRP/USD traded in a range of $0.7692 – $0.7844, indicating mild volatility over the last 24 hours. Trading volume has declined by 39.25 percent, totaling $1.139 billion, while the total market cap trades around $37.47 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to decline?
On the 4-hour chart, we can see buying pressure still weak, likely leading to further decline over the next days.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action saw a strong recovery this week. After a new swing low was reached around $0.685 on the 11th of April, XRP/USD began steady retracement.
A quick spike higher was seen on the 15th of April after a series of local higher highs and lows. Major resistance at $0.80 was quickly reached, indicating a substantial retracement overall.
However, since then, further upside has been rejected several times, indicating a shift in momentum back to the downside. The Ripple price action will likely move lower again early next week as bears still dominate the overall monthly trend.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market has failed to move any higher over the past days. Therefore, we expect XRP/USD to retrace further and test the $0.75 next support soon.