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Ripple Price Analysis: XRP begins to decline, break below $1.02 low to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD saw selling pressure increase overnight.
  • Closest support at $1.02.

Ripple price analysis is bearish today as we expect the $1.02 mark to be broken as a continuation of bearish pressure seen overnight. Therefore, XRP/USD should set another lower low to continue the overall bearish momentum seen over the past weeks.

Ripple Price Analysis: XRP begins to decline, break below $1.02 low to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market has returned to bearish momentum over the last 24 hours. Bitcoin has lost 2.15 percent, while Ethereum 3.02 percent. Meanwhile, Crypto.com Coin (CRO) is the top performer, with a gain of almost 11 percent.

Ripple price movement in the last 24 hours: Ripple starts to decline, moves to test $1.02 previous low

XRP/USD traded in a range of $1.03 – $1.09, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 17 percent, totaling $2.62 billion, while the total market cap trades around $49.36 billion, ranking the coin in 7th place.

XRP/USD 4-hour chart: XRP looks to break below $1.02?

On the 4-hour chart, we can see the Ripple price action moving lower today, likely leading to a lower low set past the $1.02 support.

Ripple Price Analysis: XRP begins to decline, break below $1.02 low to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen a steady decline over the past weeks. After a new all-time high was set at $1.35 on the 10th of November, a strong reaction lower followed to $1.12.

From there, XRP/USD consolidated for several days, before further drop confirmed the reversal, setting further lower lows. Further decline followed on the 18th of November, leading XRP to the $1.02 mark.

Since then, the Ripple price action has set another lower high at $1.10 before slowly pivoting back to the downside. Likely we will see the selloff continue over the next 24 hours as there are still no signs of a potential reversal.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we saw the market decline over the last 24 hours. Therefore, XRP/USD will likely see further downside later today, potentially setting another lower low past $1.02.

While waiting for Ripple to move further, see our guides on the Best crypto exchange, how to mine Ripple Classic, and Cardano vs Ripple.

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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