- Ripple price analysis is bearish today.
- XRP/USD rejected further upside again.
- Ripple is likely to retrace early next week.
Ripple price analysis is bearish today as further upside was rejected again, indicating exhaustion for bulls. Therefore, we expect XRP/USD to retrace over the next 24 hours and target the $0.97 previous highs to retest as support.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, gained 0.76 percent, while Ethereum is up by 4.09 percent. Terra (LUNA) is the best performer, with a gain of more than 19 percent.
Ripple price movement in the last 24 hours: Ripple still consolidates around $1.05
XRP/USD traded in a range of $1.01 – $1.07, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 25.68 percent and totals $4.84 billion, while the total market cap trades around $49 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP to retrace early next week?
On the 4-hour chart, we can see the Ripple price action rejecting further upside again, indicating an upcoming several-day retracement.
Overall, Ripple price action has seen consolidation in an increasingly tighter range over the past weeks. After a strong drop below the previous major support at $1.05, a decline of more than 15 percent followed, with support found at $0.85 initially.
What followed over the following week was a consolidation in an increasingly tighter range, with the $0.90 mark acting as support, while highs were getting increasingly lower. On the 29th of September, we saw the first sign that XRP/USD want to move higher as a brief spike above the previous local high was seen.
On Thursday, bulls gathered momentum to push the Ripple price higher again, and a strong push higher followed on Friday. XRP/USD reached the previous major support of $1.05 and rejected further upside above it.
This Ripple price action development leads to believe that bullish momentum has returned. However, a retracement that sets another higher low is needed before the $1.05 mark can be broken.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish as another rejection for further upside was seen yesterday. Therefore, we assume that bulls are exhausted and retracement will follow over the next days.
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