Ripple News

Ripple Price Analysis: XRP/USD pair is bearish for the next 24 hours

TL;DR Breakdown

  • Ripple price analysis is bearish.
  • XRP/USD continued to decline overnight.
  • Closest support at $1.10

The Ripple price is bearish today, with the market price dropping below $1.10 support after a brief upside test. As a result, we anticipate XRP/USD to continue to decline later today.

Ripple price movement in the last 24 hours: XRP continues to retrace

On the other hand, XRP/USD is currently ranging in a tight range of $1.07 to $1.13, with little movement for the past day. Trading volume has dropped by 2.36 percent, putting it in the sixth position globally with $87 billion in trading volume.

XRP/USD continues to retrace after a brief test of upside while the market tested the 50 percent Fibonacci retracement level of $1.10 as resistance, the Ripple price is currently trading between $1.07 and $1.13 with little movement over the past day. There appears to be no strong indication of which way the price will go in this tight range, but we anticipate it to move down later today.

XRP/USD 4-hour chart: XRP may test further downsides today

Ripple’s price has been subjected to bearish momentum over the past several hours, which is likely to result in more losses today on the 4-hour chart.

XRP/USD 4-hour chart. Source: TradingView

Ripple’s price increased significantly in the first part of October, with strong bullish momentum. Ripple’s cost rose by around 40% in only a week, from its previous low of about $0.90 to the new swing high of $1.23.

The price of XRP/USD reversed on October 10, ending a bullish trend. In a severe decline, bears took XRP/USD downward toward the previous swing low of $1.10. Around yesterday’s support, a consolidation occurred.

Following a modest reaction higher to $1.12 this afternoon, it appears that bears are regaining control, which suggests that bulls are regaining strength. However, another significant drop over the previous hours suggested that we may see additional selling later today.

However, Ripple’s price consolidated for a few days before making another strong upward move that took it back above $1.20. The upside move put Ripple’s price back into the bullish momentum that would see it continue to rise until coming under pressure once again yesterday.

At this point, we anticipate XRP/USD to continue to decline later today and test support at $1.10 that comes in the 50 percent Fibonacci retracement level of the most recent upward movement. It is also worth mentioning that Ripple’s price will face resistance at $1.20, the upper limit of the range between $1.07 and $1.13, where it now faces opposition from both moving averages as well as a Fibonacci retracement level of 38 percent.

In conclusion, Ripple’s current bearish momentum is likely to see XRP/USD continue to decline later today towards test support at $1.10.

Ripple Price Analysis: Conclusion

Ripple has been bearish since Wednesday when it fell more than 35% in a single day. Ripple is currently bearish, as the price has continued to drop, and a new downside has been revealed over the past several hours after a modest recovery from $1.10 support. As a result, we anticipate the XRP/USD pair will continue to decline later today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on October 15, 2021 6:20 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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