- 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’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.
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