- Ripple price analysis indicates bearish momentum to follow today.
- XRP/USD consolidates below $1.30 resistance.
- XRP is likely to retrace to $1.10 support.
Ripple price analysis is bearish for today as the market could not reach further heights overnight and consolidated below $1.30 resistance. Therefore, we expect XRP/USD to retrace today and retest the $1.10 previous resistance as support next.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin is up by 2.44 percent, while Ethereum by 3.35 percent. Solana (SOL) is currently among the best performers, with a gain of 36 percent.
Ripple price movement in the last 24 hours: Ripple consolidates below $1.30
XRP/USD traded in a range of $1.24 – $1.33, indicting mild volatility over the last 24 hours. Trading volume has decreased by 39.58 percent, while the total market capitalization trades around $59.27 percent.
XRP/USD 4-hour chart: XRP is ready to retest $1.10
On the 4-hour chart, we can see the Ripple price consolidating in preparation for a retracement later this week.
Ripple price action has seen substantial gain over the past weeks. After a slightly higher low was set around $0.52, XRP/USD rallied by more than 150 percent to the current high of around $1.35.
The previous swing high, around $1.10, was broken last week, indicating a bullish shift in the overall price structure. After some further rally, the $1.30 resistance was briefly breached, with a high set around $1.35.
However, the Ripple price has struggled to find further highs over the last 24 hours and has formed a consolidation. This price action development indicates that we should see a retracement later this week. The likely target to look for support is located at the $1.10 previous major resistance level, which should now act as support.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as further upside was not seen overnight, and the market starts to pivot back to the downside. Therefore, we expect XRP/USD to reverse and start heading towards the $1.10 previous resistance turned support later today.
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