- Ripple price analysis is bearish today.
- XRP/USD spike to $1.13 this morning.
- Support at $1.07 is likely to be tested again.
Ripple price analysis is bearish today as a lower high currently gets set at $1.13 after a swift breakout from the $1.10 mark. Likely we will see XRP/USD reverse later today and move back towards the previous support.
The cryptocurrency market traded mostly in the green, despite Bitcoin down by 0.67 percent. Ethereum gained 0.62 percent, while Ripple a little over 2 percent.
Ripple price movement in the last 24 hours: Ripple moves above $1.10, peaks at $1.13
XRP/USD traded in a range of $1.09 – $1.13, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 26.81 percent and totals $3.117 billion, while the total market cap trades around $52.5 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP to reverse lower again?
On the 4-hour chart, we can see Ripple price action currently failing to reach further upside, likely leading to a move back to the $1.07 support later today.
Ripple price action has traded in an increasingly tighter range over the past weeks. After a strong rally at the beginning of October, a new swing high was set at $1.23.
From there, Ripple retraced to find support at $1.07, with another attempt to rally seen on the 13th of October. A clear lower high was set, with another retest of the $1.07 mark seen later.
The second attempt to move higher also resulted in a lower high set, with the $1.07 mark serving as support ever since. After some consolidation over the past week, the Ripple price action looks to set another lower high today. Likely we will see another lower high set at $1.13 as the consolidation continues closer to $1.07 support.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as another lower high has likely been set at $1.13 after a spike above $1.10 this morning. Therefore, XRP/USD is likely headed back to the $1.07 support later today.
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