Ripple price analysis: XRP swiftly retests $0.32, bottom found?

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD saw a break below $0.34 yesterday.
  • Support at $0.32 reached over the last hours.

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.

Ripple price analysis: XRP swiftly retests $0.32, bottom found? 1
Cryptocurrency heat map. Source: Coin360

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 analysis: XRP swiftly retests $0.32, bottom found?
XRP/USD 4-hour chart. Source: TradingView

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

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