- Ripple price analysis is bearish today.
- XRP/USD set another lower high at $0.60 yesterday.
- Reaction higher seen overnight to $0.63.
Ripple price analysis is bearish today. XRP/USD set another lower high at $0.60 yesterday. Reaction higher seen overnight to $0.63. Ripple continues to face strong resistance around the $0.60 level, with its price currently hovering just below this key support level today. On the downside, we could see Ripple retest the lows near $0.50 if the $0.60 level continues to act as a strong resistance point. On the upside, we will need to see a strong move above $0.60 to indicate that the bearish trend may be reversing.
As far as traders are concerned, there are still plenty of opportunities in Ripple for short-term traders looking to capitalize on price movements. For long-term investors, however, it may be worth waiting for a sustained move above the $0.60 level before considering any positions in Ripple.
Ripple price movement in the last 24 hours: Ripple finds support at $0.60, reacts higher
The Bollinger bands and RSI for Ripple are both indicating that the price is currently near oversold territory, suggesting that a move higher could be imminent.
Given these factors, it seems likely that Ripple may continue to find support at $0.60 and potentially move up in the coming days as traders respond to the recent dip in prices. However, we will need to see a sustained move above the $0.60 level before any further upside can be expected.
4-hour Ripple price analysis chart: XRP looks to break $0.60
On the 4-hour Ripple price analysis chart for XRP/USD, we can see that the price looks to be moving close to a potential breakout of the $0.60 level. For now, resistance at $0.60 remains intact and the price is hovering just below this level as market sentiment appears to have turned bearish once again following yesterday’s lower high.
Looking at price action for Ripple over the past 24 hours, it appears that XRP/USD is currently finding some support around the $0.60 level as traders react to yesterday’s lower high and weekly close near this key resistance level.
As a result, we could see the price move up from here if the bears lose momentum and allow buyers to take control. On the other hand, a break below $0.60 could lead to further losses for Ripple as traders close out their positions and shift focus to other cryptocurrencies that may have better short-term prospects.
Overall, traders will need to keep an eye on Ripple’s price action over the next few days to see how it reacts around the $0.70 level and whether or not it can make a sustained move higher from here.
Ripple price analysis: Conclusion
In conclusion, Ripple price analysis is bearish today as the cryptocurrency finds support around $0.60. However, we could see a move higher in the coming days if buyers take control and push the price back above $0.70. On the other hand, a break below $0.60 could lead to further losses for Ripple as traders close out their positions.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-05-04/