Ripple price analysis is bullish today as we have seen a strong decline over the last days leading towards the strong support at the $0.32 mark. Therefore, we expect XRP/USD to reverse soon and look to rally even higher later this week.
The market has traded in the red over the last 24 hours, with Bitcoin down over 2.8 percent. Ethereum saw a more substantial decline of 6.88 percent, while Ripple traded in between as it lost 4.63 percent.
Ripple price movement in the last 24 hours: Ripple drops another 6 percent
XRP/USD traded in a range of $0.3234 to $0.3434, indicating a moderate amount of volatility. Trading volume has increased by 14.27 percent, totaling $1.13 billion, while the total market cap trades at around $15.74 billion.
XRP/USD 4-hour chart: XRP ready to reverse at $0.32?
On the 4-hour chart, we can see the Ripple price action showing the first signs of rejection at the $0.32 mark. If further downside fails to follow by the end of the day, we can expect reversal back to the upside over the remainder of this week.
Ripple price action has seen consolidation form above $0.30 during the middle of June. After a quick spike to $0.29 on 18 June 2022, XRP/USD made the final retest of upside before breaking substantially higher late last week.
A new swing high was reached above $0.38 for a brief moment before another consolidation began. This time the trading area was located around $0.355 to $0.375.
Late last week, the consolidation turned into a reversal, leading to a rapid decline to the $0.34 previous resistance. The selloff did not stop there, as another 6 percent were lost since then.
Currently, we can see the Ripple price action showing signs of rejection for further downside. Potentially bears are finally exhausted, and the previous support/resistance level at $0.32 could serve as the pivot point.
However, if the $0.32 mark gets breached, XRP/USD could see a lot more downside rather quickly. In this scenario, the next stop would be the $0.30 previous consolidation area.
Ripple price analysis: Conclusion
Ripple price analysis is bullish as we have seen retracement of over 17 percent and signs of rejection at the $0.32 previous support/resistance level. Therefore, XRP/USD could soon see a reversal and attempts to make another swing higher. In this case, the next target to the upside is the $0.40 mark.