Today’s price ripple analysis is bearish as we have seen a steady decline and further declines over the past few days. Therefore, XRP/USD will continue to fall and clear the 0.70 USD support.
The market has been moving with little momentum over the last 24 hours. The best-performing Bitcoin was up 0.55 percent while Ethereum lost just 0.13 percent. Ripple experienced similar subdued price action, down 0.32%.
Ripple price action in the last 24 hours: Ripple continues to return to $0.70
XRP/USD has been trading in the $0.7069 to $0.7155 range and has been showing some volatility over the last 24 hours. Trading volume fell 38.21 percent, totaling $1.18 billion, while the total market cap stood at $34.2 billion, ranking the coin 6th overall.
XRP/USD 4-hour chart: XRP likely to hit $0.70 today?
On the 4 hours chart, we see a bit of bearish momentum still controlling Ripple’s price action, which is likely to result in further losses by the end of the day.
Ripple’s price action continues the correction that started last week. From the recent high of $0.80, XRP/USD has retraced more than 12 percent, suggesting that almost all of its previous gains have recovered.
The recent decline started to slow over the weekend as XRP approached the key $0.70 support level. It is therefore important to see how the market will react at this level.
If $0.70 breaks, a much bigger drop could occur next week. Or, if sustained, Ripple’s price action could set a slightly higher swing bottom and appear to move higher to end the week-long downtrend.
Ripple Price Analysis: Conclusion
Today’s ripple price analysis is bearish as we see a steady decline that has continued over the last 24 hours. Therefore, we expect XRP/USD to hit $0.70 thereafter, and maybe even drop below it.