- Ripple price analysis is bearish today.
- XRP/USD failed to break new highs overnight.
- Bearish momentum has returned today.
Ripple price analysis is bearish today as rejection was seen at the previous swing high overnight, reversing the price action. Therefore, we expect XRP/USD to retrace again and look to test the $1.01 support.
The overall market traded mostly green over the last 24 hours, with Bitcoin gaining 3.16 percent. Meanwhile, Ethereum has gained 1.04 percent, while Shiba Inu continues to be the best performer, with a gain of 74 percent.
Ripple price movement in the last 24 hours: Ripple fails to breach $1.09 previous high
XRP/USD traded in a range of $1.05 – $1.09, indicating low volatility over the past 24 hours. Trading volume has increased by 7.88 percent and totals $3.226 billion, while the total market cap trades around $49.4 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP look to retrace again
On the 4-hour chart, we can see Ripple price action starting to push lower today, likely leading to a retest of $1.01 support.
Ripple price action has regained bullish momentum so far this month. After a more than week-long consolidation in an increasingly tighter range, a base was established above $0.90.
By the end of September, the support was retested several times, leading to a strong rally on the 1st of October. XRP/USD eventually peaked at $1.09 on the 3rd of October, with the following retracement establishing support at $1.01.
Since then, the Ripple price action has slowly moved back higher. Overnight, XRP/USD reached the $1.09 resistance once again, with further upside not seen. Therefore, bulls are exhausted, and we should see XRP retrace back to $1.01 again.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as the previous swing high resistance at $1.09 reversed the market once again. Therefore, we expect a further retracement to follow later today, with the $1.01 mark being the closest support.
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