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Ripple Price Analysis: XRP spikes to $1.16, a swift retracement to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD has another push higher this morning.
  • Further upside current prevented.

Ripple price analysis is bearish today as the market spiked to $1.16 overnight after a brief retracement yesterday. Since further upside currently is getting heavily rejected, we expect XRP/USD to retrace again over the next 24 hours.

Ripple Price Analysis: XRP spikes to $1.16, a swift retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades mostly with a loss today. The market leader, Bitcoin, has lost 1.63 percent, while Ethereum is down by 2.31 percent. Meanwhile, Ripple (XRP) is slightly in the green, with a gain of 0.47 percent.

Ripple price movement in the last 24 hours: Ripple rallies again, peaks below $1.16

XRP/USD traded in a range of $1.06 – $1.15, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 35.36 percent and totals $4.31 billion. Meanwhile, the total market cap trades around $51.7 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP to retrace again?

On the 4-hour chart, we can see Ripple price action starting to reverse as further upside got rejected below $1.16.

Ripple Price Analysis: XRP spikes to $1.16, a retracement to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen strong bullish momentum during the first days of October. However, the momentum shifted as a new swing high was set at $1.23. XRP/USD saw a strong retracement to $1.07, with further lower highs set over the past weeks.

A substantial move lower was set on the 27th of October, as XRP fell below $0.96. A quick reversal followed over the following days, with the $1.10 mark tested.

After a brief retracement and consolidation, the Ripple price action continued higher yesterday, reaching just under $1.16  overnight. XRP/USD has set another lower high,  indicating that we should see the bearish momentum continue later today.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as strong resistance was met at $1.16 after a quick spike higher this morning. Therefore, we expect XRP/USD to move lower again as bullish momentum is exhausted.

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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