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Ripple Price Analysis: XRP slowly retraces back to $1.07, consolidation to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD continued to respect the $1.07 support.
  • Closest resistance at $1.10.

Ripple price analysis is bearish today as consolidation has been seen over the last 24 hours above the $1.07, with several attempts to break lower. Overnight, XRP/USD moved to retest the local resistance at  $1.10, likely leading to further downside today.

Ripple Price Analysis: XRP slowly retraces back to $1.07, consolidation to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. Bitcoin lost 0.9 percent, while Ethereum gained 1.5 percent. Meanwhile, Shiba Inu (SHIB) dominates the market, with a gain of 37 percent. 

Ripple price movement in the last 24 hours: Ripple consolidates between $1.07  – $1.10

XRP/USD traded in a range of $1.08 – $1.10, indicating low volatility over the last 24 hours. Trading volume has declined by 30.21 percent and totals $2.06 billion, while the total market cap trades around $50.85 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP to test $1.07 again?

On the 4-hour chart, we can see bearish momentum looking to move the Ripple price action back towards $1.07 support.

Ripple Price Analysis: XRP retraces back to $1.07, consolidation to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen bearish momentum return over the past weeks. After a strong rally at the beginning of October took XRP/USD to a new swing high at $1.23, a sharp reversal followed.

Ripple found support at $1.07 and attempted to push higher from there. A lower high was set at $1.18 on the 16th of October, resulting in a move back to the $1.07 support over the following days.

On Wednesday, another push higher was seen, setting another lower high at $1.16. Since then, the Ripple price action has returned back to the $1.07 major support, meaning that we are seeing an increasingly tighter trading range over the past weeks.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as the $1.10 resistance prevented further upside again. Therefore, we expect XRP/USD to move towards the $1.07 support later today.

While waiting for Ripple to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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