- Ripple price analysis is bearish today.
- XRP/USD moved for the second test of $0.90 resistance overnight.
- Slight rejection for further upside is currently seen.
Ripple price analysis is bearish today as we expect the $0.90 mark to prevent further downside after a slight reaction lower was already seen today. Therefore, we assume XRP/USD is headed lower over the next 24 hours.
The cryptocurrency market has seen strong bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 5.99 percent, while Ethereum has 5.6 percent. Meanwhile, Ripple follows, with a 4.08 percent gain.
Ripple price movement in the last 24 hours: Ripple moves for another test of $0.90 resistance
XRP/USD traded in a range of $0.8286 – $0.9057, indicating substantial volatility over the last 24 hours. Trading volume has increased by 18.44 percent, totaling $3.99 billion. Meanwhile, the total market cap trades around $41,68 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP rejects further upside again
On the 4-hour chart, we can see the Ripple price action making another attempt to break higher, however, a rejection can be seen for now.
Ripple price action has seen consolidation over the past week. However, over the weekend, slight bullish momentum continued moving the market higher.
On Monday, we saw XRP/USD make the initial spike above $0.90. Strong reaction lower followed, indicating that the resistance is still strong. After setting another higher local low later in the day, XRP started to trade higher again overnight.
Over the last hours, the Ripple price action has retested the previous high slightly above $0.90. Another rejection for further upside can be seen, although, not as strong as the previous one. Therefore, XRP/USD likely needs to retrace one more to gather enough momentum to finally reach further upside.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect the $0.90 resistance to reverse the market again. Therefore, XRP/USD will likely move to set another higher low next.