- Ripple price analysis is bearish today.
- XRP/USD tested upside at $1.16 overnight.
- Selling pressure has returned this morning.
The Ripple price is bearish today, as the upside was rejected around $1.16 overnight after a rapid rise. As a result, later today, XRP/USD should decline further and establish another lower low.
Cryptocurrency heat map. Source: Coin360
The overall market saw some bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.38% and 5.35%, respectively. Meanwhile, Hex (HEX) is still the top performer, with a gain of over 12 per cent.
Ripple price movement in the last 24 hours: Ripple rejects upside at $1.16, returns towards previous low
The price of XRP/USD fluctuated between $1.07 and $1.16 during the day, with high volatility. Trading volume has increased by 13.34 percent to $4.83 billion, while the total market cap is currently around $51.26 billion, placing it in 7th place overall.
XRP/USD 4-hour chart: XRP to test previous lows?
The 4-hour chart shows that the bearish momentum is resuming for Ripple after the upside was rejected overnight on the 3-hour chart.
XRP/USD 4-hour chart. Source: TradingView
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.
After this, we witnessed XRP/USD consolidate above $1.16 and test upside at $1.22, before another reversal occurred on the 15th of November. Ripple fell around 15% to the $1.04 level this time.
Yesterday, consolidation followed, laying the groundwork for the Ripple price to rise. Over night, the price rocketed higher, reaching $1.16 previous support before swiftly falling back. The XRP/USD pair has slid again in recent hours, perhaps setting up a retest of previous lows later today.
Ripple Price Analysis: Conclusion
Ripple’s price analysis is bearish today, as the $1.16 level halted further rise overnight, returning XRP to previous lows. As a result, XRP/USD will almost certainly fall even further, potentially establishing a new low of $0.50 or lower in the next 24 hours.