- Ripple price analysis is bearish.
- XRP/USD saw a slight recovery yesterday.
- Selling pressure has returned.
Ripple price analysis is bearish today as we expect another drop lower to follow after a lower high set at $0.82 over the last 24 hours. XRP/USD has already started declining, likely meaning that we will see a new lower low set by tomorrow.
The cryptocurrency market has seen mixed results over the last 24 hours. Bitcoin managed to post a slight gain of 1.08 percent, while Ethereum declined by 1 percent. Meanwhile, Avalanche (AVAX) has gained over 18.69 percent and is the top performer today.
Ripple price movement in the last 24 hours: Ripple retraces to $0.82
XRP/USD traded in a range of $0.7798 – $0.817, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 24.75 percent, totaling $2.59 billion. Meanwhile, the total market cap trades around $37.16 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP heading lower again
On the 4-hour chart, we can see bearish momentum returning for the Ripple price action over the past hours, likely leading to further downside tested later today.
Ripple price action has seen a steady decline for almost a week now after a new swing high was set at $0.93 on the 9th of December. From there, XRP/USD rapidly declined to $0.80, setting a local lower low and indicating a return of bearish momentum.
Further lower high was set at $0.85 on Saturday, with another drop setting a lower low on Monday. Since then, XRP has slowly retraced again, reaching the $0.82 mark and not moving any further yesterday.
Overnight, the Ripple price saw consolidation below the newly found resistance. Selling pressure slowly returned throughout the day, leading XRP/USD close to the previous low as of now. Therefore, we expect another spike lower to follow over the next 24 hours as bears are still clearly in control over the market.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we saw another lower high posted at $0.82 today. Since then, XRP/USD has resumed moving lower over the past hours, indicating that another lower low should be set over the next 24 hours.