Ripple price analysis: XRP retraces to $0.46, ready to drop further overnight?

Ripple price analysis is bearish today as we have seen a strong lower high set at $0.46 and a steady pivot lower overnight. Therefore, we expect XRP/USD to drop even further later today and look to continue along with the overall bearish trend.

Cryptocurrency heat map. Source: Coin360

The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 5.18 percent, while Ethereum 5.99 percent. Ripple saw a lot more decline with an almost 10 percent loss.

Ripple price movement in the last 24 hours: Ripple sets lower high, begins to move lower again

XRP/USD traded in a range of $0.4056 to $0.4544, indicating strong volatility over the last 24 hours. Trading volume has declined by 52.4 percent, totaling $2.22 billion, while the total market cap trades around $19.7 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP looks to return below $0.40?

On the 4-hour chart, we can see Ripple price action seeing bearish pressure return over the last hours, indicating that the $0.40 mark will soon be broken to the downside again.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action has continued to be highly bearish throughout the first half of May. From the last major swing high, around $0.65, XRP/USD has declined almost 50 percent, indicating potential exhaustion for bears.

However, after the last push lower, the following retracement from $0.34 set a strong lower high, indicating that the trend is still heavily bearish. Therefore, the $0.46 mark has offered enough resistance to reverse XRP again.

Since midnight, selling pressure has already started to return, leading Ripple price to test the $0.40 major price milestone again. If the local support is broken again, we expect XRP/USD to quickly drop again, likely leading below the $0.34 current swing low.

Alternatively, if a higher low is set above $0.34, an end to the current several-week decline could finally be set. If XRO breaks the current local low at $0.46, the market structure will again turn bullish.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as we have seen a lower high set at $0.46 and selling pressure return overnight. Therefore, XRP/USD should see further decline later in the weekend, potentially leading back to the $0.34 current low.

While waiting for Ripple to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

Related Articles

Leave a Reply

Your email address will not be published.