Ripple Price Analysis: XRP finds resistance at $0.74, prepares for further downside?

TL;DR Breakdown

• XRP tested previous lows around $0.70 yesterday.
• Resistance was found at around $0.74 overnight.
• XRP/USD is set to drop further today.

Ripple price analysis indicates bearish momentum to follow over the next 24 hours as further upside could not be found overnight. Therefore, we expect XRP/USD to push lower later today and move towards the $0.65 support next.

The cryptocurrency market traded with a bullish momentum over the last 24 hours. Bitcoin is up by 3.36 percent, while Ethereum is up by 8.73 percent. Polkadot (DOT) is among the best performers, with a gain of 12 percent.

Ripple price movement in the last 24 hours: Ripple finds a lower high around $0.74

XRP/USD traded in a range of $0.6978 – $0.7392, indicating mild volatility over the last 24 hours. Trading volume has slightly decreased and totals $2.554 billion. Meanwhile, the total market capitalization trades around $33.5 billion, running the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: XRP prepares to break $0.70 support?

On the 4-hour chart, we can see the Ripple price action preparing for another push lower later today, with the $0.65 support targeted next.

Ripple Price has seen a substantial rally over the last weeks. After XRP/USD established a slightly higher swing low around $0.52, a rally of over 50 percent was seen until the $0.78 high was reached.

Below the $0.78 high, we have seen several rejections for further upside over the past week, indicating that the market is ready to finally retrace some of the gains seen during the second half of July.

This has resulted in the previous swing lows around the $0.70 mark retested. Ripple price failed to move significantly higher from there overnight, meaning that a clear lower high is set. Therefore, we expect XRP/USD to start moving lower again later today and look to reach the next support level around $0.65.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish for today as further upside could not be seen, and a lower local high was set around $0.74. Therefore, we expect XRP/USD to move lower later today and try to reach the $0.65 support next.  

While waiting for Ripple to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as Dogecoin as a good investment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/ripple-price-analysis-2021-08-05/