XRP News: The market has fallen further in the last hours and XRP is now trading above the $0.85 support. Analysts may try to move XRP / USD to $ 1.20 in the next 24 hours.
The market paints a pessimistic picture
The general market has been trading in red in the last 24 hours. Following the decline of Bitcoin and Ethereum, the rest of the altcoins also saw significant losses. Cardano and Ripple dropped around 10 percent.
XRP / USD opened at $ 0.975 after a bearish trend yesterday. From there it dropped to the $ 0.85 support but is currently denied further retreats. Therefore, the market can be expected to rise again in the next 24 hours.
XRP / USD price moved in the range of $ 0.8808 – $ 1.03, indicating significant volatility. Transaction volume decreased by 14.23 percent to $5 billion. The total market cap is around $ 41 billion, placing the cryptocurrency in 6th place overall.
On the 4-hour chart, we can see that the market has moved to the $0.85 support in the last hours. This is likely to continue with a higher push in the next 24 hours.
What’s next for XRP?
The overall Ripple price action continues to provide a basis for reversing the several weeks of downward price action development seen in recent weeks.
After XRP / USD peaked around $ 1.70 and retested resistance on May 18, it retraced 6 percent and found support around $ 0.64. Therefore, we can assume that the bears are running out and the market is ready to turn up in the coming weeks.
Over the past few days, we’ve seen ripple price consolidate around $1 and rise more forcefully. This caused Ripple to drop to $ 0.85. If this support breaks, we may see further decline with the next support at $ 0.64 in the next 24 hours.
Alternatively, if XRP/USD holds support at $0.85, the market will turn higher for the week, forming a higher low. Resistance is seen at the $ 1.20 mark, which indicates a potential upside of 33 percent. Once the resistance level is reached, we expect XRP / USD to continue to move towards an all-time high.
Therefore, if more downside rejection is seen, long positions can be entered with a relatively good risk / reward potential.