Ripple Price Analysis: XRP/USD Might test $0.70 in the course of the week

Solana price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP is trading at $0.76.
  • Another lower high set.

Ripple price analysis is bearish today, as we observed a lower high of $0.755 following the retracement from the previous low, setting a new low at $0.65. The $0.72 mark appears to be the closest support for XRP/USD now, with additional downside pressure likely to follow after testing the bottom.

Ripple price movement in the last 24 hours: Bearish trend

Bearish price action is apparent on the daily chart, where XRP follows a descending channel formed after the break of $0.835. The pair has broken below the 50 Day Exponential Moving Average (EMA), with the possibility of descending to the 200 Day EMA at $0.70.

However, there is very little support on the downside for XRP/USD, which will likely maintain prices in a trading range until significant news comes out regarding Ripple Labs and its legal woes, or until the next wave higher occurs.

The $0.75 level is an important note, as it was a low point for XRP/USD this past week and will likely continue to act as support until the bulls retake hold of the market. If bears can break below $0.70, we could see prices drop down to $0 .68, with the possibility of further downside after that.

If an upside break occurs, XRP/USD will need to move above $ 0.80 to avoid being pushed deeper down quickly. Resistance lies at the descending channel resistance (blue line) and the 100 days EMA, currently at $0.745. Ripple prices are bearish today; however, support is still present at $0.70 and $0.75, so we may see a relief rally soon if the market gets positive news from Ripple Labs.

The daily chart for XRP/USD shows the 50 and 100 Day EMAs, both in deep bearish territory, with the 200 day EMA just above $0.77. The RSI is deep in oversold territory, reflecting the pair’s downward momentum.

XRP/USD 4-hour chart: XRP prepares for another drop?

We can see a new lower high established for the Ripple price action on the 4-hour chart, leading to further losses later today.

Ripple Price Analysis: XRP/USD Might test $0.70 in the course of the week 1
XRP/USD 4-hour chart. Source: TradingView

Ripple’s price has continued to fall over the last few days. XRP/USD resisted previous resistance at $0.72 on the 5th of January, after spiking below $0.81 support a day earlier.

Bears were eager to retest the low, and further lower highs were established as they rushed to do so. Break lower occurred yesterday, taking XRP to $0.70 this time, after another lower high.

The Ripple price has since seen a rapid retreat, with another low peak established. Later today, likely bears will take control to make another attempt at a downside as the sector is still excessively bearish overall.

Ripple Price Analysis: Conclusion 

The price of Ripple was down today, as we anticipated additional declines following the breakout above $0.755 early this morning. XRP/USD is now poised to fall further and retest its previous lows.

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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