- Ripple price analysis is bearish for today.
- XRP/USD continues to consolidate around $1.25.
- XRP rejects further upside.
Ripple price analysis is bearish today as the market could not reach further upside over the last 24 hours and continued to consolidate. Therefore, we expect XRP/USD to reverse later today and retest the $1.10 mark again.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, is down by 2.48 percent, while Ethereum is down by 1.23 percent. Ripple (XRP) is among the worst performers, with a decline of 5 percent.
Ripple price movement in the last 24 hours: Ripple fails to move above $1.30
XRP/USD traded in a range of $1.22 – $1.29, indicating a good amount of volatility over the last 24 hours. Trading volume has declined by 0.89 percent and totals $5.726 billion, while the total market capitalization trades around $57.25 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to retest the $1.10 support?
On the 4-hour chart, we can see the Ripple price failing to reach further upside, indicating another retracement to come later this week.
Ripple price action has seen a substantial increase over the last month. From the $0.52 previous significant swing high, XRP/USD has rallied by more than 150 percent to the current high of $1.35.
However, bulls lacked the momentum to push the market any higher last week. What followed was a quick retracement of 20 percent to the $1.05 mark, with support, eventually found around $1.10.
Late last week, bulls pushed XRP higher again, this time to the $1.30 mark, where a several-day consolidation around $1.25 began. Since then, XRP/USD has moved sideways and rejected any upside attempts, indicating an upcoming retracement.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as the market failed to reach further upside and continued to consolidate around the $1.25 mark. Unless bulls pick up the momentum, we expect XRP/USD to see another decline later today, with the $1.10 support likely to be retested latest his week.
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