- Ripple price analysis is bearish today.
- XRP/USD tested the $1.07 support.
- A quick test of resistance was seen overnight.
Ripple price analysis is bearish today as another slightly lower high was set overnight after a rebound from $1.07 support. Therefore, we expect XRP/USD to break past the $1.07 mark and head even lower later today.
The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, gained 1.26 percent, while Ethereum declined by 0.44 percent. Meanwhile, Solana (SOL) and Shiba Inu (SHIB) are the top performers, with around 10 percent gain.
Ripple price movement in the last 24 hours: Ripple tests $1.07 support again
XRP/USD traded in a range of $1.07 – $1.13, indicating substantial volatility over the last 24 hours. Trading volume has declined by 3.13 percent and totals $4 billion, while the total market cap trades around $51.78 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP prepares to break $1.07?
On the 4-hour chart, we can see another lower high set while the $1.07 mark keeps holding, indicating we will see further selling pressure return later today.
Ripple price action has continued to trade in a bearish momentum over the past weeks. After a strong start in October, a new major swing high was set on the 10th of October at $1.23.
However, since then, XRP/USD has set several lower highs and lows, despite the $1.07 mark providing some initial support. The last major move lower took Ripple to $0.95, setting a strong lower low and establishing that the bearish momentum still dominated.
Since then, the Ripple price saw a strong rally back to previous highs. Another lower high was set below $1.16, leading back to the $1.07 local support. Overall, we expect XRP/USD to break the local support and head for another major downswing later this week.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as another lower high was set overnight, leading to another test of the $1.07 support. Therefore, we expect XRP/USD to likely see further downside later today and break the $1.07 mark.