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Ripple Price Analysis: XRP finds resistance at the $1 mark, selloff to continue?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD retested support around $0.90.
  • Quick spike higher took XRP to $1 resistance.

Ripple price analysis is bearish today as we expect further downside to follow after a sharp spike higher today was met with resistance at the $1 mark. Therefore, XRP/USD is likely ready to reverse and continue testing more downside later today.

Ripple Price Analysis: XRP finds resistance at the $1 mark, selloff to continue? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bullish momentum return over the last 24 hours. The market leader, Bitcoin, gained 4.87 percent, while Ethereum 5.71 percent. The rest of the top altcoins followed, with Ripple (XRP) up by 4.9 percent.

Ripple price movement in the last 24 hours: Ripple rejects downside at $0.90, spikes higher

XRP/USD traded in a range of $0.8966 – $0.9942, indicating substantial volatility over the last 24 hours. Trading volume has increased by 30.24 percent, totaling $2.88 billion, while the total market cap trades around $45.93 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP set to decline again?

On the 4-hour chart, we can see the Ripple price action rejecting further upside after the $1 mark was reached earlier today. 

Ripple Price Analysis: XRP finds resistance at the $1 mark, selloff to continue?
XRP/USD 4-hour chart. Source: TradingView

The Ripple price action has seen a substantial decline over the last weeks. From the last major high at $1.35, XRP/USD has lost more than 30 percent to the $0.90 support, first reached early yesterday.

After further downside was rejected at first, bears went for another test of downside later in the day, with sharp rejection seen again. From there, XRP rapidly gained bullish momentum, pushing towards the $1 mark overnight.

The bullish momentum was met with resistance during the first half of Today, preventing further downside. Therefore, we expect the Ripple price action to have set another lower high, likely leading to more downside over the next 24 hours. In case the $0.90 mark is broken, the next support is located at $0.85.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we expect further downside to follow after resistance was reached at the $1 mark earlier today. Likely XRP/USD will look to break the $0.90 support again later this week.

While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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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