Ripple Price Analysis: XRP breaks previous low at $0.75, ready to retrace today?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD broke past the previous low this morning.
  • Rejection for further downside at $0.74.

Ripple price analysis is bullish today as we have seen rejection for further downside over the last hours after a strong spike lower earlier. Therefore, XRP/USD has likely peaked and will retrace some of the loss over the next 24 hours.

Ripple Price Analysis: XRP breaks previous low at $0.75, ready to retrace today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a steady decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 2.37 and 3.46 percent. Meanwhile, Ripple (XRP) follows with over 3 percent loss.

Ripple price movement in the last 24 hours: Ripple drops over 6 percent, breaks lower low

XRP/USD traded in a range of $0.7403 – $0.7698, indicating substantial volatility over the last 24 hours. Trading volume has increased by 17.59 percent, totaling $1.45 billion. Meanwhile, the total market cap trades around $35.3 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP rejects further downside?

On the 4-hour chart, we can see the Ripple price action forming a new low as the downside was rejected below $0.74.

Ripple Price Analysis: XRP breaks previous low at $0.75, ready to retrace today?
XRP/USD 4-hour chart. Source: TradingView

The Ripple price action saw recovery last week after a strong decline earlier in January. XRP/USD broke past the previous local high as it reached $0.81 on the 12th of January.

From there, the following retracement set a strong higher low above $0.75. However, not much upside followed as a lower high was seen at $0.79 over the weekend.

Since then, the Ripple price action has steadily declined, reaching the previous low at $0.75 yesterday. This morning, XRP/USD spiked even lower, setting a lower low, which indicates that the market structure has turned bearish again. However, after a strong drop, we expect recovery today.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as we expect recovery to follow after a quick spike below $0.75 previous support. Likely XRP/USD has set a new lower low and will retrace over the next 24 hours after a substantial drop.

While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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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