- Ripple price analysis is bearish today.
- XRP/USD tested upside at $1.16 overnight.
- Selling pressure has returned this morning.
Ripple price analysis is bearish today as upside was rejected around $1.16 overnight after a quick spike higher. Therefore, XRP/USD should see further downside later today, likely setting another lower low.
The cryptocurrency market traded in the red over the last 24 hours. Bitcoin lost 2.08 percent, while Ethereum 0.92 percent. Meanwhile, Crypto.com Coin (CRO) is the top performer, with a gain of over 24 percent.
Ripple price movement in the last 24 hours: Ripple rejects upside at $1.16, returns towards previous low
XRP/USD traded in a range of $1.07 – $1.16, indicating strong volatility over the last 24 hours. Trading volume has increased by 13.34 percent and totals $4.83 billion, while the total market cap trades around $51.26 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP to test previous lows?
On the 4-hour chart, we can see bearish momentum returning for the Ripple price action as the upside was rejected overnight.
After a strong beginning of November, we have seen bearish momentum return for the Ripple price action. On the 10th of November, a strong higher high was set at $1.35, reversing the market with a sharp drop to $1.115 a couple of hours later.
Since then, we saw XRP/USD consolidate above $1.16 and testing upside at $1.22 before another reversal followed on the 15th of November. This time, Ripple dropped almost 15 percent to the $1.04 mark.
Yesterday, consolidation followed, slowly setting up the Ripple price action for moving higher. The spike higher came overnight, quickly reaching $1.16 previous support before bearish momentum quickly returned. Over the past hours, XRP/USD has moved lower again, likely leading to a retest of previous lows later today.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as the $1.16 mark prevented further upside overnight, sending XRP back towards previous lows. Therefore, XRP/USD will likely move even lower, potentially setting a new lower low over the next 24 hours.