What Next for Ripple (XRP/USD) – 23 April Price Analysis
- Ripple sustains a bearish picture today.
- XRP/USD secured support around $0.745 yesterday.
- The remittance token saw a swift upward move over the past couple of hours.
Ripple displays a bearish outlook today, with XRP securing the support of $0.745 yesterday. However, the cross-border transaction tokens saw a swift upside move within the past couple of hours, currently changing hands at $0.765. Remember, XRP sustained bearishness since touching the high at $0.79 last week.
24Hr Timeframe: XRP Forms Lower High and Higher Low
Coinmarketcap shows XRP/USD trading within the $0.7444 – $0.7638 range, suggesting moderate volatility within the previous 24 hours. Trading volume saw a 0.97% increase to $1.812 billion, whereas the overall market cap hovers at $36 Billion, ranking Ripple in the 6th spot.
4Hr Timeframe: Another Drop for XRP?
The 4-hour price chart shows XRP rejected one more, suggesting a potential downward move for the remittance crypto. Ripple recorded massive upward movements last week. From its current crucial low of $0.69, the alt gained more than 16% to $0.80 by 16 April 2022.
Ripple saw gradual retracement since then, leading to the $0.73 higher low and suggested possible trend reversals in the medium-term. Nevertheless, the cross-border transaction crypto further another lower high on Tuesday.
Yesterday’s downside also created a higher low, suggesting consolidations within an increasingly constricted range. Thus, a break towards either side is essential to project Ripple’s directional bias. With the recent upside rejection, XRP will likely witness a bearish momentum. Breaking the local low at $0.745 would translate to an increased downside by the weekend.
Ripple exhibits pessimistic trends today as the market could not trigger substantial upswings following the quick run-up over the past day. Proponents trust the remittance token would move lower and test lower levels in the coming sessions.
Ripple’s bearishness emerges as the overall marketplace struggle with downward actions. The global cryptocurrency market capitalization lost 1.40% over the past 24 hours to $1.85 trillion. Also, Bitcoin dropped 2.10% within the past day, trading near $39,602.85 at this publication. Such developments could see XRP struggling, closing this week with lows.
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