- 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.
Cryptocurrency 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.
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.