One of the first companies to successfully create an open-source blockchain was Ripple. Now, the ripple price has returned to where it was just before the start of the year, and after a short bounce, the bulls are back in action.
Ripple price analysis: Ripple spikes to $0.64 previous low, a retracement to follow? The price of ripple is on another roller coaster ride. The XRP/USD pair once again skyrocketed to $0.64, which is a new critical support level. Will the pair continue to soar? Or, will it retrace and test the $0.36 level?
The cryptocurrency market is still in the midst of a major transition, as we have witnessed over the past few months. There have been several new players entering the scene and several announcements by large financial institutions that they are looking into starting their own digital currency platforms. Today, there is a major movement towards the adoption of the blockchain technology as many entrepreneurs and startups are now looking into using it to solve various problems.Summary of the situation
- The XRP has been falling for the past few hours.
- Support at $0.64 will now be tested.
- Ripple will move higher in the next 24 hours.
Ripple’s price analysis is bullish for the rest of the day as bears have pushed the market towards $0.64 support in recent hours, and there is some pullback ahead of further declines. Therefore, we expect the XRP/USD to make up some of its losses later today.
Heatmap for crypto-currencies. Source: Coin360
The general market has moved into negative territory over the past 24 hours. Bitcoin lost 4.3 percent and Ethereum lost 4.93 percent. Dogecoin was one of the worst performers with a loss of 10.5%.
Ripple price movement in the last 24 hours
The XRP/USD traded in a range of $0.6545 to $0.7798, indicating good volatility. Trading volume increased 34.5% to $3.67 billion. At the same time, the total value of the market is $31 billion, which puts the cryptocurrency in 6th place overall.
4-hour chart XRP/USD – peak at $0.64
On the 4-hour chart, we see that the price of Ripple is falling to test the previous major high of $0.64.
XRP/USD four hour chart. Source: TradingView
15-minute chart XRP/USD
Looking at the price action over the past few hours, we can see that the price of Ripple has risen to $0.65 in the past few hours. The market then pulled back some of its losses and retested the previous support level of $0.68 as resistance.
This development in the Ripple price is expected to lead XRP/USD to a further downward push in the coming hours, with the $0.64 level being the next support to test.
15-minute chart XRP/USD. Source: TradingView
The overall performance of the Ripple price in recent weeks has been bearish. Following the release of the XRP/USD on 23. After initially reaching the $0.64 level on May 1, it quickly rebounded to the $1.10 level in two upward waves.
Since then, Ripple has been moving lower in recent weeks until support was finally found around $0.80. This support was retested early last week, and after the price nearly broke above the previous local low, the price action signaled a reversal.
On the 18th. In June, however, Ripple collapsed again, reaching $0.70 after some consolidation. Yesterday, a local high was reached after a brief rally, after which the market fell again.
In recent hours, the XRP/USD has moved even lower until almost reaching the important support at $0.64. This means that the price of Ripple is now deciding on its next move. Further declines are expected in the coming weeks.
Ripple price analysis: Supplement
Ripple price analysis for today is bullish, but bearish for the next few hours, as the bears are likely to test the $0.64 level in the coming hours. After that, however, we should see a much stronger rally upwards and above $0.68.
In anticipation of Ripple’s rising price, read our guide on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
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