Ripple price analysis: XRP dips below $0.60 again, breaks the previous low

TL;DR Breakdown

• Ripple price analysis is bearish today.
• XRP/USD set lower high at $0.62.
• Support at $0.60 broken.

Ripple price analysis is bearish today as we have seen both a lower high and lower low set over the last 24 hours. Therefore, XRP/USD has turned bearish again, and we expect more downside to follow early this week.

The cryptocurrency market has returned to bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, has declined by 2.87 and 2.32 percent, Meanwhile, Ripple (XRP) has lost over 5 percent.

Ripple price movement in the last 24 hours: Ripple breaks new lower low at $0.58

XRP/USD traded in a range of $0.5859 – $0.6185, indicating substantial volatility over the last 24 hours. Trading volume has increased by 20 percent, totaling $1 billion. Meanwhile, the total market cap trades around $28 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP tests further downside

On the 4-hour chart, we can see strong sellof overnight breaking new lower low, likely leading the Ripple price action to the $0.56 support next.

The Ripple price action has seen low volatility over the past days after a strong swing high was set at $0.65. From there, XRP/USD tested the $0.60 support and formed a several-day consolidation.

Over the weekend, slight bullish momentum took the market to $0.62, meaning a clear lower high was set. The decline followed during the second half of yesterday, leading to a quick drop to $0.58 overnight.

Since then, the Ripple price action has moved sideways in a very narrow range. Likely we will see some recovery over the next hours as sellers pause before continuing. Ultimately, the market structure has turned bearish again, and we expect more downside to be tested soon.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as we have seen selling pressure return over the last 24 hours and a new lower local low set. Therefore, XRP/USD has turned bearish again, likely leading to the next support at $0.56 tested soon.

While waiting for Ripple to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.