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Ripple Price Analysis: XRP drops 17 percent to $1.12, swift reversal to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD saw a quick drop to $1.12 late yesterday.
  • XRP recovered overnight.

Ripple price analysis is bullish today as a higher low was set in a strong drop lower yesterday. Since rejection of further selling followed overnight, we expect XRP/USD to reverse and start heading higher again.

Ripple Price Analysis: XRP drops 17 percent to $1.12, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market traded mostly with bearish momentum over the last 24 hours. Bitcoin lost 1.82 percent, while Ethereum 0.57 percent. Meanwhile, Hex (HEX) was among the top performers, with a gain of 12.5 percent.

Ripple price movement in the last 24 hours: Ripple sets higher high at $1.35, swiftly retraces to $1.12

XRP/USD traded in a range of $1.13 – $1.35, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 76.76 percent and totals $8.215 billion, while the total market cap trades around $58.45 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: drops to $1.12, starts to recover

On the 4-hour chart, we can see bullish momentum returning this morning for the Ripple price with volatility calming down.

Ripple Price Analysis: XRP drops 17 percent to $1.12, reversal to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action saw bullish momentum return during the first week of November. After a consolidation below $1.16 last month, a spike lower followed on the 27th of October. From there, XRP/USD returned to $1.16 by the end of the month.

Bullish momentum continued, leading Ripple above the previous high as it set a strong higher high at $1.26 on the 4th of November. From there, a retracement that set clear higher low at $1.10 followed before the next push higher to $1.30.

After a slight retracement, a quick spike higher followed late yesterday to $1.35. However, bulls could not sustain this price level for long, leading to a massive selloff overnight to $1.12. Since then, the Ripple price action has recovered most of the loss, likely leading to more upside later today.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as a strong higher low was set at $1.12, leading to recovery over the past hours. Therefore, we expect XRP/USD to continue higher and regain more of the loss seen overnight. 

While waiting for Ripple to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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