- Ripple price analysis is bearish today.
- XRP/USD retested $0.78 previous low yesterday.
- The closest resistance is around $0.84.
Ripple price analysis is bearish today as we expect another lower high to be set before the several-day consolidation continues. Likely XRP/USD will look to move back to the bottom of the range later today.
The cryptocurrency market has traded mostly with bullish momentum over the last 24 hours despite Bitcoin being down by 0.42 percent. Ethereum gained 2.69 percent, while Ripple (XRP) just over 2 percent.
Ripple price movement in the last 24 hours: Ripple retests local low at $0.78, moves to test upside again.
XRP/USD traded in a range of $0.7804 – $0.8246, indicating substantial volatility over the last 24 hours. Trading volume had increased by 8.46 percent, totaling $2.36 billion. Meanwhile, the total market cap trades around $38.85 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP to set another lower high?
On the 4-hour chart, we can see the Ripple price currently testing previous highs, likely looking to set another lower high.
Ripple price action has seen slight bearish momentum over the past week. From the last swing high at $0.935 tested on the 9th of December, XRP/USD has retraced 18 percent to the current low at $0.76.
Since then, the market has set another slightly lower high while also setting a slightly higher low. Therefore, we can assume that the market is currently consolidating sideways.
After a brief move lower yesterday, the previous local low at $0.777 was retested, with another push higher forming since. Likely we will see another local high set soon to allow for further consolidation. However, if the Ripple price action breaks higher, we would expect bullish momentum to finally return.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect another lower local high to be set over the next hours. From there, XRP/USD should continue consolidating, potentially preparing for a trend reversal.