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Ripple Price Analysis: XRP tests downside again, $1.04 previous low still holds

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD saw a slow decline overnight.
  • The previous low at $1.04 still holds.

Ripple price analysis is bearish today as we expect a further test of downside to follow later. Therefore, we might see XRP/USD continue lower to test the current low at $1.04.

Ripple Price Analysis: XRP tests downside again, $1.04 previous low still holds 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market continued to trade with a bearish momentum over the last 24 hours. Bitcoin lost 1.23 percent, while Ethereum 2.17 percent. Meanwhile, Binance Coin (BNB) is among the worst performers, with a loss of 5.32 percent.

Ripple price movement in the last 24 hours: Ripple declines again after the $1.10 mark offered resistance

XRP/USD traded in a range of $1.05 – $1.12, indicating low volatility over the last 24 hours. Trading volume has increased by 18.77 percent and totals $4.44 billion, while the total market cap trades around $50.9 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP to test $1.04 low next?

On the 4-hour chart, we can see Ripple price slowly declining overnight, likely leading to a test of previous low later today.

Ripple Price Analysis: XRP tests downside again, previous low still holds
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen bearish momentum return over the past days. After a strong rally early last week, a new higher high was initially set at $1.30. After some consolidation, a spike higher took XRP/USD to $1.35.

From there, a strong reaction lower followed as Ripple spiked to $1.12 in a couple of hours. The market saw consolidation in an increasingly tighter range for several days until the $1.22 mark reversed XRP in a major way again.

Another drop followed on Monday, leading to a strong lower low set at $1.04. After a slight reaction higher yesterday, bearish momentum returned overnight, slowly moving Ripple price lower towards the previous low.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as bearish momentum will likely continue until the previous low at $1.04 is reached. Therefore, XRP/USD still has room to decline before a lower low is set.

While waiting for Ripple to move further, read our guides on eToro vs Coinbase, How to mine Ripple Classic, and Ripple vs Cardano.

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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