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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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.

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