TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD currently trading at $0.8702.
- Bullish momentum is still weak.
Ripple price analysis is bearish today as the $0.85 resistance appears to be reversing the market once again. As a result, XRP/USD should hold sideways for the next several days.
From a technical standpoint, Ripple price analysis is bearish today. XRP/USD is currently trading around the previous high at $ 0.85. Strong bullish momentum is needed to break above this resistance level for further gains, likely towards $1 and $1.5. On the other hand, new support has appeared: the green trend line, which will provide added support if we manage to test that level again. As shown on the chart below, Ripple price analysis shows no significant bullish momentum. We expect this market to remain between $0.50 and $0.75 until more bullish momentum appears.
The technical indicators are also giving mixed signals. The RSI is still around 50 points, suggesting that the market is still in a sideways momentum. The MACD, on the other hand, is in negative territory and pointing downwards, confirming our bearish view for Ripple price analysis.
XRP/USD 4-hour chart: XRP to reverse again?
On the 4-hour chart, we see the Ripple price slowly building up to $0.85 resistance, implying that a reversal is likely to follow below it.
Ripple’s price continues to fall, with lower highs made over the previous week. The weekly low was established at $0.76, while today’s local resistance of $0.85.
XRP/USD has been trading sideways over the last few days within a $0.50 range. The market has struggled to break above the $0.85 resistance level, with bullish momentum still weak. A failure to break above this resistance could see XRP/USD reverse lower again, towards the $0.50 support level.
From a technical standpoint, Ripple price analysis is bearish today as we expect the $0.85 resistance to reverse the market again. Therefore, XRP/USD should continue to consolidate sideways over the next few days. On the other hand, new support has appeared: the green trend line, which will provide added support if we manage to test that level again. As shown on the chart below, Ripple price analysis shows no significant bullish momentum. We expect this market to remain between $0.50 and $0.75 until more bullish momentum appears.
XRP/USD has been trading sideways over the last few days within a $0.50 range. The market has struggled to break above the $0.85 resistance level, with bullish momentum still weak. A failure to break above this resistance could see XRP/USD reverse lower again, towards the $0.50 support level.
Unless Ripple’s price rises further, we anticipate the current consolidation to continue with another retest of the downside. It’s unlikely that the market will breach lower since it has been through enough selling over the past weeks, implying that bulls are on their way out.
Ripple Price Analysis: Conclusion
Today’s Ripple price analysis is bearish. XRP/USD is presently testing the $0.85 support level, which will be a significant barrier against additional rises to $1 and $1.5 levels. At the moment, there isn’t much momentum for buying, so we expect this cryptocurrency to range between $0.50 and $0.75 for the next few days until more bullish pressure surfaces.
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