Ripple Price Analysis: we anticipate XRP/USD to spike to $1.5 today

Ripple price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD saw a substantial advance yesterday.
  • Closest resistance at $1.18.

With XRP/USD trading at $1.08, Ripple prices are bearish today, with another upside attempt rejected overnight after a strong rally to $1.16 yesterday. As a result, we believe that XRP/USD will reverse over the next 24 hours and target the prior support at $1.06 later this week.

At the time of writing, the XRP/USD exchange rate is $1.09, and Ripple prices are down 1.88 percent in the last 24 hours.

Much like yesterday, it appears that the next immediate resistance level for Ripple prices lies at $1.16, where traders will be keeping an eye on XRP/USD this afternoon for signs of a break above or below this critical support level. As discussed yesterday, there are four possible scenarios for Ripple, including consecutive breaks below $1.

If XRP/USD fails to maintain the $1.16 price level over the next 24 hours, the first scenario comes into play.

In this instance, we believe that XRP/USD will fall back to the $1.06 support level in the medium term. Additionally, Ripple prices could also target $0 if resistance at $1.10 fails to hold in the short term.

If XRP/USD breaks above $1.16 but not by enough margin under 24 hours, the second scenario comes into play.

This scenario opens up immediate upside toward the key resistance levels of $1.30 and 1.35 before facing further rejection from these two barriers later this week. As a result, traders should expect XRP/USD to reverse back below resistance levels within 6-12 hours before reversing over the next 24 hours.

If this is the case, we expect XRP/USD to test resistance levels of $1.22, 1.24, and 1.26 in consecutive order before running out of steam later this week as traders lock in gains ahead of the weekend.

XRP/USD 4-hour chart: Bullish signals?

On the 4-hour chart, Ripple’s price is declining further, suggesting a retracement will occur throughout the next 24 hours.

Ripple Price Analysis: we anticipate XRP/USD to spike to $1.5 today 1
XRP/USD 4-hour chart. Source: TradingView

Ripple’s price has been on a roll lately, with substantial gains recorded over the past several weeks. Following a powerful advance beginning on October 1st, further appreciation was seen to $1.10 initially, and then to $1.23 after another surge beginning on October 9th.

However, since then, XRP/USD has retraced to $1.066 and tried to advance once more. On October 16th, resistance was discovered at $1.18, pushing Ripple back toward $1.066 support.

The Ripple price rose again yesterday, following a slight consolidation earlier in the week. Bulls pushed the market higher yet again yesterday, only reaching $1.16 before the selling began this time. As a result, we anticipate XRP/USD to fall further during the next 24 hours.

Ripple Price Analysis: Conclusion 

Given the action overnight, prices are likely to drop below $1.16 soon. Consequently, XRP/USD will fall toward the prior resistance level at $1.06 over the next 24 hours before pausing for a short time. Then, we anticipate another attempt to advance toward one of our key resistances levels, beginning with $1.22, then 1.24, and finally towards 1.26 later this week if XRP/USD rallies through these levels without substantial pullbacks.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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