logo

Ripple Price Analysis: XRP tests downside again at $1.16, reversal to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD found support at $1.16.
  • Buying pressure slowly returns.

Ripple price analysis is bullish today as a new higher low will likely be established at the $1.16 mark, leading to a reversal. Therefore, we expect XRP/USD to move back above $1.22 and continue higher from there.

Ripple Price Analysis: XRP tests downside again at $1.16, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the red over the last 24 hours. Market leaders, Bitcoin and Ethereum, declined by 1.86 and 1.55 percent, while Hex (HEX) is the top performer, with a gain of 24 percent.

Ripple price movement in the last 24 hours: Ripple reverses again after consolidating around $1.22

XRP/USD traded in a range of $1.16 – $1.24, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 41.84 percent and totals $4.78 billion, while the total market cap trades around $55.7 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP looking to reverse above $1.16?

On the 4-hour chart, we can see previous resistance at $1.16 currently holding the Ripple price action from moving lower, likely resulting in a reversal later today.

Ripple Price Analysis: XRP tests downside again at $1.16, reversal to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen strong bullish momentum over the past weeks. After a quick spike to $0.97 on the 27th of October, XRP/USD reversed and broke above the previous resistance area around $1.16.

A new swing high was set at $1.25, with the following retracement setting a strong higher low at $1.10. From there, XRP continued higher over the last weekend, moving to $1.30 at first, and spiking to $1.35 after some retracement.

After a strong higher high was quickly set, a strong reaction lower took the Ripple price to $1.12. XRP/USD strongly rejected further downside, moving into a consolidation around $1.22 yesterday. This morning we see another test of the downside, likely resulting in a higher low set and more upside from there.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as another local higher low currently gets established above $1.16. Therefore, unless we see a further drop, we assume XRP/USD will continue higher later today.

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.

Related News

Hot Stories

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
Litecoin price analysis: LTC finds support at $57, but can the bulls fight back?
What happens to $ETH after the merge on 19 September?
Polkadot price analysis: DOT to retest support at $8.61, as bears extend the downtrend

Follow Us

Industry News

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
What happens to $ETH after the merge on 19 September?
Cleanspark acquires BTC mining facility with 86 MW capacity
BitMEX executive pleads guilty in court