Ripple Price Analysis: $1.00 resistance still in action, preventing further upsides on the XRP chart

XRP 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‘s price analysis is bearish today, as we anticipate a further drop following the significant increase today, which was thwarted by resistance at the $1 level. As a result, XRP/USD is poised to reverse and tester more downside later today.

Ripple Price Analysis: $1.00 resistance still in action, preventing further upsides on the XRP chart 1Cryptocurrency heat map. Source: Coin360

According to Coin360 market data, the cryptocurrency market is trading with mixed results. Bitcoin has lost 0.37 percent, while Ethereum has gained 4.52 percent. However, the losses on the red bars are small or negligible, not weighing more than 2 percent. 

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

The last 24 hours have been volatile for XRP/USD, with prices fluctuating within a range of $0.9950 – $1.0077 Volatility has increased by 30%, with trading volume totalling $2.88 billion and the overall market cap valued at around $45.93 billion, placing it in 7th position worldwide.

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

On the hourly chart, we can see that the Ripple price has continued to rise despite strong resistance at $1 following earlier highs.

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

Over the previous weeks, Ripple’s price has dropped by a significant amount. The $1.35 high was broken down Monday, and XRP/USD has declined more than 30% to the $0.90 support level first attained early Tuesday morning.

The first downside test was rejected, but bears returned for another attempt later in the day, with a strong rejection observed again. Thereafter, XRP advanced quickly toward $1 overnight, fueled by a surge in bullish momentum.

The upward momentum was thwarted during the first half of today, preventing further losses. As a result, we expect the Ripple price to establish another low peak in the coming 24 hours, followed by an additional downside. If the $0.90 mark is broken, the next support is at $0.85.

Ripple Price Analysis: Conclusion 

Ripple price chart analysis is bearish today, with further declines expected after the $1 mark was breached earlier today. Later this week, XRP/USD is likely to revisit the $0.90 support level.

While waiting for Solana 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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Related News

Hot Stories

Elon Musk drags Twitter to court for fraud
Crypto Experts Favorite Choices For August: Gnox (GNOX), Cosmos Hub (ATOM) And Chain (XCN)
DeFiChain Community Brings Attractive Rewards For DFI ERC-20 Pairs on Uniswap
Uniglo (GLO), Curve DAO (CRV) And Uniswap (UNI) Likely To Lead DeFi Bull Wave
Hectagon to Launch TGE on August 8 Aiming to Bootstrap Decentralized VC DAO

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund