- Ripple price analysis is bearish today.
- XRP/USD is trading at $1.08.
- Further upside current prevented.
Ripple price analysis is bearish today, as the market shot up to $1.16 overnight following a short retracement yesterday. We anticipate XRP/USD to rally again over the next 24 hours as the further upside is strongly rejected.
This morning, the market pushed higher after the trend line was broken but failed to close above $1.15 (marked by a circle). We now consider this resistance level, causing further downside pressure on XRP/USD as it is currently below that mark. However, we do not expect the trend line (marked by the yellow arrow) to prevent further upside essentially.
The descending channel’s break can be considered bullish even though XRP/USD did not stay above it for long. We think that scenario is likely today, meaning that we expect more upside on Ripple price analysis in the coming hours. However, before that happens, we might see another retracement towards $1.10, which is also very close to the 0.5 Fibonacci Retracement level based on the 4-hour chart view.
Ripple price movement in the last 24 hours: Ripple rallies again, peaks below $1.16
The daily chart shows a slightly different picture than the one on H4, mostly because there’s no strong resistance currently preventing Ripple price analysis from spiking higher. A small ascending support line near $1.10 got broken, but not very convincingly thus far.
There’s a descending resistance line in place around the 0.618 Fibonacci Retracement level based on the XRP/USD daily chart view, and we expect to see some movement before it gets tested again, with any further chances of seeing upward momentum coming from there.
While Ripple price analysis currently looks bearish, we do not exclude another push higher later today or tomorrow, given the market sentiment right now, which seems bullish. The recent gains should be kept in mind, and current levels should be temporary unless proven otherwise.
XRP/USD 4-hour chart: XRP to retrace further?
On the 4-hour chart, we can see Ripple price action beginning to turn as it was again resisted at $1.16.
Ripple price action has seen solid 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 solid retracement for $1.07, with further lower highs set over the past weeks.
On the 27th of October, XRP fell below $0.96, triggering a significant move lower. The $1.10 mark was reached in rapid succession over the following days, with a quick reversal following soon after.
The Ripple price is now moving up following a brief retracement and consolidation. The Ripple price action continued higher yesterday, reaching just under $1.16 overnight. Later today, we should see the bearish momentum continue as XRP/USD sets another lower high, implying that the market will continue to fall.
Ripple Price Analysis: Conclusion
The price of Ripple has taken a beating today as strong resistance was met above $1.16, with the price quickly rising this morning. As a result, we expect XRP/USD to decline once more as bullish momentum runs out.
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