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Ripple Price Analysis: XRP retests $0.85 resistance again, prepares to move lower?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD saw upside rejected again.
  • Closest support at $0.81.

Ripple price analysis is bearish today as currently another attempt to move higher is rejected at the $0.85 resistance. Therefore, XRP/USD should move lower again later today and continue testing further lows.

Ripple Price Analysis: XRP retests $0.85 resistance again, prepares to move lower? 1
Cryptocurrency heat map. Source: Coin360

The market overall has seen a slight bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, both are up by around 1 percent. Meanwhile, Ripple (XRP) follows with just a 0.52 percent gain.

Ripple price movement in the last 24 hours: Ripple slowly retraced after the initial test of $0.85 resistance

XRP/USD traded in a range of $0.8292 – $0.8563, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.85 percent, totaling $1.87 billion. Meanwhile, the total market cap trades around $40.3 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP rejects $0.85 resistance again

On the 4-hour chart, we can see a quick push higher for the Ripple price this morning result in another rejection.

Ripple Price Analysis: XRP retests $0.85 resistance again, prepares to move lower?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen bearish momentum this week. After a strong rally earlier in December, a strong swing high was set at $1.02 on the 23rd of December.

From there, bulls could not sustain the upswing, leading to a sharp drop lower to $0.90 a day later. Consolidation followed over the last weekend, with a slight test of upside to $0.95, where rejection for upside was seen.

Over the following days, the Ripple price action moved lower with strong momentum again. This time, the $0.81 mark offered support, leading to a reaction higher yesterday to $0.85. Since XRP/USD has failed to move any higher, we expect another drop to follow over the next days.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we expect another push follow later after a quick spike to retest the $0.85 resistance. Likely XRP/USD will continue towards the $0.81 support next.

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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