- Ripple price analysis is bearish today.
- XRP/USD is currently trading at $0.8
- Resistance was found at $0.95 overnight.
Ripple prices fell further on Monday, despite an apparent recovery in bearish sentiment that accompanied a retest of the $0.85 support after a strong rally to $0.86. Since XRP/USD has been consolidating throughout the day, we predict bulls will become weary, causing another fall later today.
The recovery rally back to $0.86 appears to have run out of steam at the resistance marked by the 100-day EMA at $0.95 and has now fallen back down to support at $0.85, where it found to support this morning before continuing its downward trend throughout the day. The price is currently trading around $0.94 as bulls attempt another recovery rally—but we believe this may be short-lived as XRP/USD completes a retest of major support after days of moving lows and highs, which usually ends in a break below major support.
As things stand near term, though, we expect another sell-off in Ripple prices before markets stabilize once again within a long-term consolidation pattern between $0.85-$1.20 following a rally from troughs around $0.33-$0.50.
Ripple price movement in the last 24 hours: Ripple recovers to $0.85, starts to consolidate
We predict that Ripple prices will break below $0.85 in the next day or two, as bulls lose steam and bears retake control of the market. Our target for this downward movement is $0.75, which is near the bottom of the long-term descending channel. A drop below this support could see prices fall to $0.50 or lower in the medium to long term.
However, should bulls manage to push prices above resistance at $0.95, we may see a return to the bullish trend that has been dominant throughout most of 2018. In such a scenario, our target would be a move up to $1.20-$1.25 and, if we see strong enough bullish momentum, even $2.
Even though the 100-day EMA at $0.95 is serving as major resistance to Ripple prices today, we believe that bulls will eventually retake control of the market and push XRP/USD back into a bullish channel or uptrend. However, such a move would take time to develop and should not be expected for several days or weeks—possibly after a retest of support at $0.75.
XRP/USD 4-hour chart: XRP looks to test downside today?
The hourly chart shows that the $0.85 mark has prevented further price rises in recent hours, likely leading to a return test of the downside later today.
Ripple has been on a downturn for several weeks. Ripple/USD has retraced over 55 percent from the previous major swing high of $1.35 to the $0.59 low, indicating that we may see a significant reversal soon.
The cryptocurrency market is still bearish, dropping significantly less on Friday. The overall market structure is still bearish, as we saw a strong downward move yesterday.
The price of Ripple hit resistance at $0.85 and bounced back more than 40 percent by the end of the day. Overnight, XRP/USD consolidated, suggesting that we will see a reversal to the downside later today.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today, with a strong possibility of XRP/USD dropping below $0.85 in the next day or two as bulls lose steam and bears retake control of the market. Our target for this move is $0.75, near the bottom of the long-term descending channel, after which we may see prices fall to $0.50 or lower in the medium to long term.
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