- 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.
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 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.