Ripple price analysis is bullish today as we have seen a strong decline over the last days leading towards the strong support at the $0.32 mark. Therefore, we expect XRP/USD to reverse soon and look to rally even higher later this week.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours, with Bitcoin down over 2.8 percent. Ethereum saw a more substantial decline of 6.88 percent, while Ripple traded in between as it lost 4.63 percent.
Ripple price movement in the last 24 hours: Ripple drops another 6 percent
XRP/USD traded in a range of $0.3234 to $0.3434, indicating a moderate amount of volatility. Trading volume has increased by 14.27 percent, totaling $1.13 billion, while the total market cap trades at around $15.74 billion.
XRP/USD 4-hour chart: XRP ready to reverse at $0.32?
On the 4-hour chart, we can see the Ripple price action showing the first signs of rejection at the $0.32 mark. If further downside fails to follow by the end of the day, we can expect reversal back to the upside over the remainder of this week.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen consolidation form above $0.30 during the middle of June. After a quick spike to $0.29 on 18 June 2022, XRP/USD made the final retest of upside before breaking substantially higher late last week.
A new swing high was reached above $0.38 for a brief moment before another consolidation began. This time the trading area was located around $0.355 to $0.375.
Late last week, the consolidation turned into a reversal, leading to a rapid decline to the $0.34 previous resistance. The selloff did not stop there, as another 6 percent were lost since then.
Currently, we can see the Ripple price action showing signs of rejection for further downside. Potentially bears are finally exhausted, and the previous support/resistance level at $0.32 could serve as the pivot point.
However, if the $0.32 mark gets breached, XRP/USD could see a lot more downside rather quickly. In this scenario, the next stop would be the $0.30 previous consolidation area.
Ripple price analysis: Conclusion
Ripple price analysis is bullish as we have seen retracement of over 17 percent and signs of rejection at the $0.32 previous support/resistance level. Therefore, XRP/USD could soon see a reversal and attempts to make another swing higher. In this case, the next target to the upside is the $0.40 mark.