Ripple price analysis is bearish today as we expect another drop lower to follow after consolidation below the $0.60 resistance. Likely XRP/USD will push towards the next support at $0.57 later in the weekend.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.46 percent, while Ethereum 0.29 percent. Meanwhile, Terra (LUNA) is the worst performer among the major altcoins, with around a 9 percent loss.
Ripple price movement in the last 24 hours: Ripple consolidates further
XRP/USD traded in a range of $0.5927 – $0.605, indicating low volatility over the last 24 hours. Trading volume has declined by 50.06 percent, totaling $1.13 billion, while the total market cap trades around $28.69 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to drop further?
On the 4-hour chart, we can see Ripple price slowly moving below the $0.60 resistance, likely meaning that another spike lower will follow.
Ripple price action saw a strong sign of recovery in the middle of this week. From the $0.60 support, XRP/USD rallied almost 10 percent and set a strong higher high around $0.65.
However, selling pressure returned early on Thursday, leading to a spike below the $0.60 support. Therefore, the market sentiment is still heavily bearish, and more downside can be expected next week.
Over the last day, Ripple price has moved sideways as the market takes a pause before the next move. Considering the overall market structure, another spike lower should follow, potentially leading back to the current low at $0.57.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we have seen more consolidation over the last 24 hours below strong resistance. Therefore, we expect further downside to be tested along with the overall bearish trend.
While waiting for Ripple to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.
Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-05-07/