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Ripple Price Analysis: XRP spikes above $1.10, swift reversal to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD made another spike higher.
  • Resistance at $1.10 holds.

Ripple price analysis is bearish today as the $1.10 mark currently prevents further upside as seen by the rejection above the resistance. Therefore, we expect XRP/USD to reverse and look to reach more downside later today.

Ripple Price Analysis: XRP spikes above $1.10, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, gained 1.12 percent, while Ethereum was up by 0.44 percent. Meanwhile, Binance Coin (BNB) is among the top performers, with a gain of over 7 percent.

Ripple price movement in the last 24 hours: Ripple briefly moves above $1.10, further upside rejected

XRP/USD traded in a range of $1.06 – $1.11, indicating mild volatility over the last 24 hours. Trading volume has declined by 31.57 percent and totals $3.26 billion, while the total market cap trades around $51.49 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP ready to reverse?

On the 4-hour chart, we can see selling pressure returning as Ripple price got pushed back below $1.10 over the past hours.

Ripple Price Analysis: XRP spikes above $1.10, reversal to follow?
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 began on the 1st of October, a new major swing high was set at $1.23 on the 10th of October.

However, since then, XRP/USD has continuously set lower highs. The last swing high was set on Tuesday, followed by a sharp decline below the $1.07 support. A strong lower low was eventually set at $0.95.

Since then, the Ripple price action has retraced and moved back above $1.07 support turned resistance. After a consolidation yesterday, another spike higher was seen this morning, with selling pressure returning as XRP/USD could not remain above $1.10 for long.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish for today as selling pressure has returned after a brief spike above the $1.10 resistance. Therefore, we expect XRP/USD to reverse and look to test more downside 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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