Ripple price analysis: XRP retests $0.75, bounce higher to follow?

TL;DR Breakdown

• Ripple price analysis is bullish today.
• XRP/USD continued to decline yesterday.
• Support at $0.75 still holds.

Ripple price analysis is bullish today as we expect bounce higher after rejection from the $0.75 support. Likely XRP/USD will look to set another local lower high before more downside is seen next week.

The market has seen more selling over the last 24 hours. The market leaders, Bitcoin and Ethereum, declined by 2.06 and 1.6 percent, while Ripple followed with 1.32 percent.

Ripple price movement in the last 24 hours: Ripple continued lower to $0.75

XRP/USD traded in a range of $0.7509 – $0.7768, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by just 3.64 percent, while the total market cap trades at $36.68 billion, resulting in a market rank of 6th place.

XRP/USD 4-hour chart: XRP to move higher next?

On the 4-hour chart, we can see a clear rejection from the $0.75 support, likely leading the Ripple price action to set another higher low. 

Ripple price action has seen more downside tested over the past week. After another lower high was set at $0.85, XRP/USD quickly started declining, reaching as low as the $0.75 mark by the 7th of April.

From there, the following reaction higher established another lower high at $0.795. More selling followed yesterday, resulting in another test of the $0.75 mark.

Likely, the support will hold, meaning that another lower high needs to be set first. Once that is done, we expect XRP/USD to more for another test of the downside early next week.

Ripple price analysis: Conclusion 

Ripple price analysis is bullish today as we have seen a bounce from the $0.75 support and consolidation since. Likely XRP/USD will move higher and set another local lower high later in the weekend.

While waiting for Ripple to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.