- XRP spiked to $1.10 yesterday.
- Ripple started to retrace yesterday.
- Closest support at $0.09
Ripple price analysis indicates bearish momentum to follow later today as the market price retraced from the $1.10 mark after a strong spike higher yesterday. Therefore, we expect XRP/USD to retrace lower and retest the $0.09 mark over the next 24 hours.
The cryptocurrency market trades in the red over the last 24 hours. Market leader, Bitcoin is down by 4.44 percent, while Ethereum is down by 5 percent. Ripple (XRP) is among the best performers, with a gain of 3.7 percent.
Ripple price movement in the last 24 hours: Ripple retraces from $1.10 resistance
XRP/USD traded in a range of $0.9206 – $1.09, indicating mild volatility over the last 24 hours. Trading volume has spiked by 107 percent and totals $9.76 billion. Meanwhile, the total market capitalization trades around $45 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP set to retest $0.09?
On the 4-hour chart, we can see the Ripple price starting to retrace overnight as bears look to regain some of the gain seen earlier this week.
Ripple price action has seen strong bullish momentum over the past weeks. From the previous swing low around $0.52, XRP/USD rallied by more than 105 percent until resistance was found just below the $1.1 major resistance yesterday.
Since most of the gain was seen over the past days, and bears quickly started to push XRP lower overnight, we expect a strong retracement over the next few days. First support is located around the $0.09 mark and likely will be reached later today.
If the Ripple price action can reverse and set another higher low around the $0.09 mark, we expect further upside to be seen over the next weeks. Alternatively, XRP could see further retrace to the $0.84 mark next.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next days as the market price retraces from the $1.10 mark after a strong rally earlier this week. Therefore, we expect XRP/USD to move towards the next support around $0.09 over the next 24 hours and set a higher low again.
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