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Ripple Price Analysis: XRP swiftly retests $1.07 as resistance after a sharp drop on Wednesday

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD rallied back towards previous support levels.
  • Rejection for further upside was seen yesterday. 

Ripple price analysis is bearish today as the previous support area around $1.07 will likely now act as a resistance. Therefore, we expect XRP/USD to move lower again later today.

Ripple Price Analysis: XRP swiftly retests $1.07 as resistance after a sharp drop on Wednesday 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Bitcoin gained 2.62 percent, while Ethereum 7.29 percent. Meanwhile, Dogecoin was among the worst performers, with a loss of 11 percent.

Ripple price movement in the last 24 hours: Ripple retests previous support as resistance around $1.07

XRP/USD traded in a range of $1.04 – $1.09, indicating mild volatility over the last 24 hours. Trading volume has declined by 30.85 percent and totals $4.84 billion, while the total market cap trades around 49.9 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP set to reverse lower again?

On the 4-hour chart, we can see Ripple price action rejecting further upside, likely leading to another drop lower later today.

Ripple Price Analysis: XRP retests $1.07 as resistance after a sharp drop on Wednesday
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen bearish momentum return over the second half of October. After a strong rally to $1.23 at the beginning of the month, bullish momentum was exhausted.

What followed was a drop to the 1.07 mark, which prevented further downside for several weeks. However, XRP/USD continued to set increasingly lower highs, eventually leading to a break lower.

On the 27th of October, the Ripple price swiftly declined to $0.95. Recovery was seen yesterday, leading to a retest of the previous support area as resistance. Therefore, we expect XRP/USD to move lower again later today as a clear lower high has been set.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as rejection for further upside has been seen near the previous support levels. Therefore, we expect XRP/USD will move lower later today as another lower high has been set.

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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