Ripple price analysis: Ripple spikes $0.70, still to find bottom? The cryptocurrency world suffered another major setback in the week, as it was hit by a second major sell-off. The cryptocurrency pulled back by over $2 billion during the week, with XRP taking the biggest hit. The XRP price was hit hard, plunging over $0.50 in less than a week.
After a run of technical losses and a drop in the price it has bounced back somewhat, and currently trading at $0.70. Scaling up the short position as a strategy is not a good idea. There is also a risk of long-term losses if support is broken. There is a risk of a significant drop in price again if the current technical indicators are not enough to instill confidence.
Ripple price analysis: Ripple spikes $0.70, still to find bottom? Ripple price analysis: Ripple spikes $0.70, still to find bottom? Ripple price analysis: Ripple spikes $0.70, still to find bottom? Ripple price analysis: Ripple spikes $0.70, still to find bottom? Okay, so you’re not a big fan of Ripple’s current price. It seems to have been going nowhere, and yet it keeps on going up apparently? This article will show you how to get in on the action without investing any real money, and if you’re lucky, you may even get a nice profit on your investment.. Read more about what is going to happen to xrp ripple and let us know what you think.Summary of the situation
- The price of the XRP has dropped over the past 24 hours.
- The price remains at $0.70.
- The next major support is at $0.64.
Ripple’s price analysis for today is bearish, as the market has moved lower in recent hours and slipped above the $0.70 level, while the next support at $0.64 is yet to be reached. Therefore, we can expect a further decline in the coming hours and only a reversal tomorrow.
Heatmap for crypto-currencies. Source: Coin360
The overall market is trading lower today, with bitcoin losing 5.7 percent and Ethereum losing 7.3 percent. Ripple (XRP) and Dogecoin (DOGE) are among the worst performers, with losses of around 10%.
Ripple price movement in the last 24 hours
The XRP/USD traded in a range of $0.6994 to $0.7995, indicating good volatility. Trading volume increased 3.5% to $2.833 billion. At the same time, the total value of the market is $32.6 billion, which puts the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP up $0.70
On the 4-hour chart, we can see that the price of Ripple is moving lower in the last few hours, as the bears try to retest the previous support at $0.64.
Four-hour chart of XRP/USD. Source: TradingView
Overall market dynamics remain bearish while Ripple continues to decline after consolidating a bit around $0.80 yesterday. This price action follows a multi-week correction since the previous high at $1.10 and a much stronger correction since the previous low at $1.70.
As a result, the market structure is still developing in a downward dynamic. If the XRP/USD finds support near the previous key low of $0.64, we can expect the XRP to begin a reversal in the coming week. However, momentum remains bearish and we can expect further declines.
If the $0.64 level does not hold, the XRP will head for the next major support around $0.46. If the $0.64 level holds, we expect a rise above the current high of $0.94 and a rise from there in the coming weeks.
Therefore, the best option for now would be to stay neutral and wait for the development of the Ripple price trend.
Ripple price analysis: Supplement
Ripple’s price analysis is bearish, as the market has fallen in recent hours and shows no signs of recovery yet. Therefore, we expect XRP/USD to try to reach $0.64 in the next 24 hours, where we could see the end of the overall bearish price momentum.
While we wait for Ripple to hit $0.64, check out our guides on the benefits of DeFi, commissions for bitcoins, and what to buy with bitcoins.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Ripple remains in a downtrend as the bulls lost their momentum, the price is still stuck in the range and is waiting on the breakout to the upside, but the price action is not encouraging and is signaling that we will have to wait longer to see the price increase. Ripple price analysis: Ripple spikes $0.70, still to find bottom?. Read more about xrp lawsuit and let us know what you think.
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