Ripple Price Analysis: XRP drops 20 percent, support found at $0.60?

TL;DR Breakdown

• Ripple price analysis is bullish today.
• XRP/USD continued even lower overnight.
• Support at $0.60 is currently tested.

Ripple price analysis is bullish today as we expect a retracement to follow after a 20 percent loss over the past 2 days. As long as the $0.60 mark is not broken, XRP/USD should see a reaction higher over the next 24 hours.

The market has seen a heavy selloff over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the red by 8.93 and 14.14 percent, respectively. Ripple (XRP) follows with a loss of almost 13 percent.

Ripple price movement in the last 24 hours: Ripple continues to drop, finds support at $0.60

XRP/USD traded in a range of $0.6029 – $0.6939, indicating very strong volatility over the last 24 hours. Trading volume has increased by 46.4 percent, totaling $3.3 billion. Meanwhile, the total market cap trades around $28.85 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP tests $0.60

On the 4-hour chart, we can see the decline pausing this morning after the $0.60 mark was reached, potentially leading to a reaction higher over the next hours.

Ripple price action has seen bearish momentum return this week. After previously setting a strong swing high at $0.81, XRP/USD moved into a slow retracement.

By Wednesday, XRP had reached $0.72 support before reaching higher. Bulls gathered the strength to push to $0.76. However, from there, the market quickly collapsed.

Late on Thursday, the selloff began, spiking past previous lows. The Ripple price continued even lower yesterday and has since reached the $0.60 mark, meaning a decline of over 20 percent in a couple of days.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as we expect a reaction higher to follow from the $0.60 mark. However, there is still a good chance XRP/USD will continue even lower over the next 24 hours.

While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.