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Ripple Price Analysis: XRP sets lower low at $0.76, retraces to prepare for another drop?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • Ripple set a lower low at $0.76 yesterday.
  • XRP/USD saw retracement from the previous low.

Ripple price analysis is bearish today as we expect another drop to follow after a retracement from the previous low was seen today. Likely XRP/USD will set another lower high in the upcoming hours before bearish momentum resumes.

Ripple Price Analysis: XRP sets lower low at $0.76, retraces to prepare for another drop? 1
Cryptocurrency heat map. Source: Coin360

The overall market has seen a steady decline over the last 24 hours.  The market leader, Bitcoin, has lost 1.68 percent, while Ethereum has declined by 3.11 percent. Meanwhile, Ripple (XRP) trades in-between, with a loss of just over 1 percent.

Ripple price movement in the last 24 hours: Ripple retraces after a lower low set at $0.76

XRP/USD traded in a range of $0.7645 – $0.8224, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 99.85 percent, totaling $3.52 billion. Meanwhile, the total market cap trades around $37.8 billion, resulting in a market rank of 8th place.

XRP/USD 4-hour chart: XRP prepares to push lower again?

On the 4-hour chart, we can see selling pressure slowly returning over the past hours for the Ripple price action, likely leading to another lower high set later today.

Ripple Price Analysis: XRP sets lower low at $0.76, retraces to prepare for another drop?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen bearish momentum slowly return over the past days. A strong swing high was set after recovering to $0.93 from the previous major spike lower.

However, on the 10th of December, XRP/USD declined again. New local lower low was set, indicating bears re-taking control. What followed was a further push lower Yesterday.

This time the Ripple price action set lower low at $0.76. Therefore, the overall market structure has turned bearish again. After the current reaction higher is done, we should see XRP/USD move lower again as bears indicate further selling will come.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we expect further drop to follow after a slight recovery over the last 24 hours. Likely XRP/USD will set another clear lower high and move to test further downside next.

While waiting for Ripple to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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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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