TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD spiked higher overnight.
- Currently testing resistance around $0.76.
Ripple price analysis is bearish today as we expect a reversal after the market hit strong resistance at the $0.76-$0.77 range. We expect a rejection to cause XRP/USD to retrace and set another local higher low.
The overall market has posted substantial gains over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 9.44 and 6.85 percent, respectively. Ripple (XRP) follows closely with almost 7 percent gain.
Ripple price movement in the last 24 hours: Ripple pushed higher, finds resistance around $0.77
XRP/USD traded in the $0.7172 – $0.7699 range, indicating strong volatility. Trading volume increased by 5 percent, totaling $2.37 billion, while the total market cap sits around $36.6 billion, placing the coin in 7th place overall.
XRP/USD 4-hour chart: XRP begins to reject further upside
On the 4-hour chart, we may likely see resistance around $0.77 as Ripple’s price fails to maintain its upward momentum.
Ripple’s price has seen a steady decline turn into consolidation over the past week. After a sharp drop to $0.7 at the beginning of the month, XRP/USD set a clear lower high at $0.76 as a follow-up reaction.
From there, bears slowly pushed the market lower, resulting in another retest of the $0.70 support. However, since further downward movement could not be achieved, it set a strong sign of potential reversal over the weekend.
After further consolidation yesterday, the price of Ripple finally broke higher overnight, quickly reaching above the previous high of $0.76. Therefore, it has set a slightly higher high, an indicator for a reversal in the upward direction.
For now, we expect another retracement as the bulls get exhausted, and signs of rejection appear at the current price levels. Ripple should see more upside next week if it sets another higher low.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market has rallied up to a strong resistance area. However, the bulls may already be exhausted once again, meaning another retracement will follow over the next 24 hours.
While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.