- Ripple price analysis is bearish today.
- XRP/USD consolidates below $0.85.
- Next resistance at $0.90.
At this writing, Ripple‘s price is bearish, as we anticipate a minor retracement from the $0.85 low to establish a new floor for further gains. We assume that a higher low must be found since the $0.85 resistance could not be broken overnight. We anticipate a long-term bearish trend continuation in the days ahead in anticipation for a breakout of the $0.85 resistance, which will be possible if Bitcoin does not maintain its current price trend.
We assume that Ripple’s price will retest the initial starting point of our analysis at around $0.80 before establishing a new floor or continuing with its bearish momentum.
As you can see, it seems as though there are two potential support levels for the future move down, one being at $0.80 and the other at around $0.72, but given the market conditions, these prices are subject to change depending on how Bitcoin performs.
Therefore, the next resistance point for Ripple will be at $0.90, after which, if it manages to break through $0.85, Ripple’s price will go on to test $1.00 before continuing its bearish momentum. However, if Bitcoin holds onto its current trend during our analysis period, this could change the game up for Ripple and establish a higher low level that is key to future gains in XRP/USD.
XRP/USD 4-hour chart: XRP to retrace once more?
On the 4-hour chart, we can see the Ripple price rejecting further upside, indicating another downside test needs to be made.
Following a four-day correction, Ripple’s price has reversed in recent days and has climbed to $1.00. XRP/USD then retreated from $0.90 to first establish a solid higher low before retracing back to near $0.90 over the next few hours.
Looking at the 4-hour chart, we can see that Ripple’s price is consolidating below our critical resistance point of $0.85, which will be challenging to break through during this bearish trend; if it manages to do so, however, the next target point for Ripple would be at $1.00. Since we believe in continuing the bearish trend in Ripple’s price in light of BTC’s downward movement and EMA alignment, we assume that a retracement from the current low will establish a new floor before continuing its downtrend.
However, the market did not move much further as it topped at $0.95 on December 27th. The market fell rapidly over the following days, reaching as low as $0.81, where support has previously been found.
The $0.85 support was tested soon after, and although the price reacted positively, it immediately retested the $0.81 support. Since then, the Ripple value has returned to $0.85 resistance, which has remained throughout the night. Before the resistance can be broken for good, another downside test is necessary.
Ripple Price Analysis: Conclusion
The ripple price analysis is negative today, with another test of the downside following the $0.85 support. However, once a higher low is established, XRP/USD should rise to continue its advance.
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