- Ripple price analysis is bearish today.
- XRP/USD tests $1.16 support again.
- Ripple is likely to break lower.
Ripple price analysis is bearish today as we can expect further downside after a strong rally earlier this week. Therefore, the $1.16 support likely will break, leading XRP/USD to a deeper retracement.
The cryptocurrency market traded mostly in the red as the market leaders, Bitcoin and Ethereum, tanked with a loss of 0.52 and 0.89 percent. Meanwhile, Binance Coin (BNB) moved counter to the market, with a gain of around 8.5 percent.
Ripple price movement in the last 24 hours: Ripple fails to breach $1.16, moves for another test today
XRP/USD traded in a range of $1.17 – $1.22, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 30.4 percent and totals $3.89 billion, while the total market capitalization trades around $55 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to test further downside?
On the 4-hour chart, we can see the Ripple price action testing the $1.16 support again with strong bearish momentum, likely leading to a break lower today.
Ripple price action has seen a strong bullish momentum return over the past week. After a strong spike lower on the 27th of October, XRP/USD saw a sharp recovery and a consolidation above $1.07 at the end of October.
A strong rally on the 2nd of October followed, leading XRP/USD to $1.25 by the 4th of November. Since the previous highs were clearly broken, the overall market momentum has become increasingly more bullish.
However, a retracement is needed before we can see the Ripple price set further highs. Therefore, retracement is required, with the $1.16 mark likely not enough for a new higher low set. XRP/USD will probably move even deeper, with the $1.10 mark as the next target to the downside.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect further downside below the $1.16 support. Likely XRP/USD needs to retrace even further before more upside can be seen next week.