Ripple Price Analysis: XRP spikes above $0.73, sharp reversal to follow?

TL;DR Breakdown

• XRP set a higher local low yesterday.
• Bullish momentum took over overnight.
• XRP saw a spike to $0.73 this morning.

Ripple price analysis indicates bearish momentum to follow later today as a rapid spike to the $0.73 previous resistance was seen over the past hours. Since further upside currently gets rejected, we can expect XRP/USD to start trading lower later this week and try to retest previous major support around $0.51.

The cryptocurrency market trades with a strong gain over the past 24 hours. Bitcoin is up by 6.37 percent, while Ethereum is 2.27 percent. Ripple (XRP) is among the best performers, with a gain of 13 percent

Ripple price movement in the last 24 hours: Ripple rallied to $0.73 previous resistance

XRP/USD traded in a range of $0.6247 – $0.7518, indicating a moderate amount of volatility. Trading volume has increased by 72.43 percent and totals $5.17 billion. Meanwhile, the total market capitalization trades around $33.8 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: XRP ready to reverse?

On the 4-hour chart, we can see the Ripple price rejecting further upside as of now, indicating reversal to come later this week.

Ripple price action momentum has seen a sharp reversal over the past few days. After retesting $0.51 support, XRP/USD started trading higher until the $0.68 mark was reached on Monday. What followed was a retracement to $0.62 previous low, where ETH consolidated overnight.

Earlier today, Ethereum price started to rapidly advance until a 15 percent spike higher led to the $0.73 resistance level. Around the $0.73 resistance, any further upside was heavily rejected over the past hours, indicating that we will likely see XRP/USD reverse to the downside later today.

The first target to look out for is located around the $0.68 previous local high. However, when considering how fast the market has advanced over the last few days, we can expect a much deeper retracement towards the previous major support area, around $0.51.

Ripple Price Analysis: Conclusion 

Ripple price analysis indicates bearish momentum to follow over the next few days as previous major resistance was rapidly tested over the last hours. Since further upside gets rejected as of now, we expect XRP/USD to reverse and start heading towards the $0.51 previous major swing low later this week.

While waiting for Ripple to retrace, read our guides on Bitcoin fees, DeFi advantages, what can you do with Bitcoin.

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-2021-07-28/