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Ripple price analysis: XRP to retest $1.21 as support, will it hold?

Ripple price analysis XRP to retest as support will it hold

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • Strong resistance is found at $1.28.
  • Strong support for XRP is found at $1.21.

The Ripple price analysis reveals the cryptocurrency is continuing the downside for the second day now. Ripple got rejected from further upside when the price reached $1.28, and the price started oscillating backward. As the XRP/USD price is stepping down, it may retest the $1.21, which is the closing price of 3rd November, as support to fall on.

The Overall crypto market is under the correction phase as Bitcoin and Ethereum are also correcting today at the $65,000 and $4700 range, respectively. And most of the top altcoins also seem to be following the latest trend set by Bitcoin, but some are still continuing upside, as Litecoin who’s price breakout was downwards, but has just started racing up again.

XRP/USD 1-day price chart: Ripple receives positive market sentiment

The 1-day Ripple price analysis shows that a decrease in the price has been observed again today as the price has devalued to $1.21 at the time of writing. The Ripple shows a loss in price value amounting to 3.6 percent, which may increase over time as the price continues to recede. On the other hand, XRP/USD pair still shows an increase in the price value of 2.13 percent over the past week, as the overall price trend was upwards for the week. The market cap has also decreased by 2.4 percent as the trading volume is also down today.

Ripple price analysis: XRP to retest $1.21 as support, will it hold? 1
XRP/USD 1-day price chart. Source: Tradingview

The volatility for the Ripple has increased as well as the Bollinger bands have expanded extensively during the past few days. Now the upper band is at $1.28, representing resistance for the coin’s price function, and the lower band at the $0.99 mark, the mean average of the indicator at the $1.13 mark represents support for the crypto pair. The moving average (MA) is still trading below the price level at the $1.20 mark.

The relative strength index (RSI) has taken a downturn since yesterday, 9th November, and is trading at index 59 in the upper half of the neutral zone. The downwards curve of the RSI indicates the selling pressure and the selling activity going on in the market.

Ripple price analysis: Recent developments and further technical indications

The 4-hour Ripple price analysis shows that the price breakout was downwards at the start of today’s session, and the price stooped down to $1.22 during the first four hours. However, recently some bullish support has come into play as the price raised back to $1.23 in the last hour, which indicates a bullish presence.

Ripple price analysis: XRP to retest $1.21 as support, will it hold? 2
XRP/USD 4-hour price chart. Source: Tradingview

The volatility on the 4-hor chart is also high but now on a decreasing trend as the Bollinger bands show convergence, with the upper band at the $1.30 mark and the lower band at the $1.16 mark representing support for the coin. The mean average of the Bollinger bands at the $1.23 mark now represents resistance for the XRP/USD as the price traveled below the mean average recently, turning it into resistance rather than a support. The RSI has just been rescued above the centerline of the neutral zone, and it has started moving slightly upwards now, as it trades at index 53.

Ripple price analysis: Conclusion

The Ripple price analysis suggests the bullish support has shown up for the coin as in the 4-hour chart the price can be seen improving again, and we can assume the bear trap is over for today, if the bullish efforts continue, the Ripple may break above the $1.3 resistance, continuing upside towards the $1.6 resistance. On the other hand, there still exist chances for the coin to continue downside today and retest the $1.21 as support.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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