- XRP retraced overnight.
- Support found around $0.65 today.
- Market set to move higher this weekend
Ripple price analysis is bullish for the upcoming days as the market retraced from a $0.74 high over the past days and retraced to the $0.65 mark. Therefore, we can assume XRP/USD has set a higher low, from which to start pushing higher over the following days.
XRP/USD traded in a range of $0.6351 – $0.6712, indicating a strong amount of volatility. Trading volume has dropped by 16.65 percent and totals $2.36 billion. The total market capitalization measures around $29.6 billion, ranking the cryptocurrency in 7th place overall.
The overall market still trades with a strong bearish momentum since further highs were not set at the beginning of June. After a retracement to the $0.80 previous support, XRP/USD did not reverse higher and eventually pushed lower again.
On the 22nd of June, support around $0.50 was eventually reached, and a slight spike higher was made over the following hours to the $0.70 mark. Earlier this week, XRP/USD started moving higher again and set a slightly higher high at $0.73.
Currently, we can assume that XRP/USD attempts to set a higher low, from which to push higher over the following days. However, a clear signal that a higher low is set is yet to be seen, meaning that some more downside can be expected over the
rest of today.
Ultimately, once XRP established a higher low, we can expect another push higher over the weekend, with next resistance target at $0.80. Once the $0.80 resistance is reached, the overall XRP/USD market structure will start to look a lot more bullish.
