The XRP price has been drifting sideways since the mid-week rally, and now trades in a contracting channel. If it is unable to leave the channel, our target triggers of $0.70 and $0.75 may be in jeopardy. However, there is still a lot of support above at $0.75, so a breakdown to the downside would be very possible.
Ripple is the most dominant cryptocurrency in the market, making up for 45% of the total market cap. XRP has been struggling in 2018, with its price inching towards the $0.70 support area, bringing to light the question of whether or not the coin is in a bearish trend.
At the time of writing, Ripple’s price has recently fallen to $0.70, as the coin continues to struggle to break above $0.80, where it has failed to maintain stability since April. It is the underlying Ripple technology that is still driving demand for XRP, and while the coin is still trading in the $0.80-$0.90 bracket, it has failed to break above this level for the past two weeks, which has triggered a wave of volatility and forced the cryptocurrency to test support at the $0.70 level.
- Overnight, the price of XRP remained over $0.70.
- The $0.70 support level still stands in the way of any fall.
- Today, Ripple is expected to break lower.
Ripple price analysis is negative for the next 24 hours because bearish momentum is strong and there are no significant indications of rejection for additional fall. As a result, we anticipate XRP/USD to break below the $0.70 support level and drop to $0.65.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the bitcoin market has lost a modest amount of value. Bitcoin, the market leader, is down 2.29 percent, while Ethereum is down 0.47 percent. The remainder of the leading cryptocurrencies follow, with outcomes ranging from average to poor.
Price movement of Ripple in the past 24 hours: Ripple is still attempting to break through $0.70.
Over the past 24 hours, XRP/USD has moved in a range of $0.7019 to $0.7236, showing moderate volatility. The overall trading volume has risen marginally to $2.633 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $32.8 billion, putting it in sixth position.
XRP/USD 4-hour chart: Is XRP getting ready for another drop?
The Ripple price is now gaining momentum to break below the $0.70 support level, as seen on the 4-hour chart.
4-hour chart of XRP/USD. TradingView is the source of this information.
Over the past several weeks, Ripple’s price has traded with a strong positive trend. The market rebounded more than 50% to the $0.78 high after XRP/USD set a fresh swing low of approximately $0.52.
Any additional gains from the $0.78 high were denied, and on Sunday, a rise to the $0.70 support was observed. From there, the price of Ripple staged a brief rebound back to the previous swing high before reversing.
XRP/USD went down again yesterday, attempting to breach below the support level. Additional gain was not seen overnight, but the market did not experience a significant rejection for further higher, suggesting that we are likely in for a respite before further decline in the coming days.
Conclusion of the Ripple Price Analysis
Despite the $0.70 stopping additional loss overnight, Ripple price analysis is negative for the next 24 hours as bearish momentum remains strong. As a result, we anticipate XRP/USD to go further later today, aiming for the next support level around $0.65.
While you’re waiting for Ripple to drop, check out our articles on Satoshi Nakamoto, DeFi benefits, and Bitcoin fees.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
XRP chart analysis is in full swing today, with the coin testing $0.70 support for the second time this week. If yesterday’s analysis was correct, this is the day of a serious breakdown. We will keep our fingers crossed, and will update this blog with any new developments.. Read more about manito super token price and let us know what you think.
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