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