logo

Ripple Price Analysis: XRP drops another 10 percent, finds support at $0.85 for now

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD continued to decline overnight.
  • Support found around $0.85.

Ripple price analysis is bearish today as the market still continues to test further downside. Likely we will see the $0.85 support break, leading XRP/USD even lower later today.

Ripple Price Analysis: XRP drops another 10 percent, finds support at $0.85 for now 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen bearish momentum continue over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red with a loss of 2.62 and 2.66 percent, respectively. Meanwhile, Ripple (XRP) performed even worse, with a loss of 4.29 percent.

Ripple price movement in the last 24 hours: Ripple finds some support at $0.85

XRP/USD traded in a range of $0.8394 – $0.8962, indicating substantial volatility over the last 24 hours. Trading volume has declined by 16.97 percent, totaling $1.96 billion. Meanwhile, the total market cap trades around $40.46 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP looks to break lower?

On the 4-hour chart, we can see the Ripple price slowly breaking the $0.85, likely leading to more downside later today.

Ripple Price Analysis: XRP drops another 10 percent, finds support at $0.85 for now
XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen bearish momentum return over the past week. After peaking at $1.02 on the 23rd of December, XRP/USD saw strong rejection for further upside, leading to a drop to $0.90.

After brief consolidation during the weekend, a quick spike higher set a strong lower high at $0.95. From there, Ripple saw another selloff begin. The market declined by more than 10 percent again until the $0.85 mark offered some support yesterday.

However, overnight, bears did not give up, slowly pushing the Ripple price even lower. Likely we will see XRP/USD break even lower later today, leading to even more of the previous rally being retraced.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we expect more downside to follow as the $0.85 likely will not slow down the market for long. Therefore, XRP/USD is likely heading even lower over the next 24 hours.

While waiting for Ripple to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

[the_ad_placement id=”writers”]

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.

Related News

Hot Stories

Here's why is Telegram building a crypto wallet and exchange
Top Cryptocurrencies to Invest In December: Chainlink (LINK), Cardano (ADA), and Orbeon Protocol (ORBN)
The Bitcoin Experiment, which made MIT Students Rich
Sebatechnology.com Review: Why is This Broker taking over The Trading World?
A Conversation with Lan Yue, Co-founder & COO of BIT Crypto Exchange: The Master Developer Discusses his Journey, Giving His Life to BIT and the Future of Crypto

Follow Us

Industry News

OpenSea ends 2022 with major partnerships and $1B in NFT royalties
Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant
Sam Bankman-Fried first ever interview after FTX collapse
PoW crypto mining banned by NY governor: Will mining become extinct? 

Add Your Heading Text Here