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Ripple price analysis: XRP peaks at $0.69, set to swiftly retrace today?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD continued higher overnight.
  • Resistance at $0.69 is likely to reverse XRP today. 

Ripple price analysis is bearish today as we have seen a strong higher high set to the $0.69 mark. Rejection for further upside has been seen this morning, indicating that bulls are finally exhausted.

Ripple price analysis: XRP peaks at $0.69, set to swiftly retrace today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen strong bullish results over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 8.97 and 5.48 percent, respectively. Ripple (XRP) follows with over an 8 percent increase.

Ripple price movement in the last 24 hours: Ripple breaks previous high, finds resistance at $0.69

XRP/USD traded in a range of $0.6075 – $0.6837, indicating very strong volatility over the last 24 hours. Trading volume has increased by 80.68 percent, totaling $2 billion. Meanwhile, the total market cap trades around $32.14 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP looks to begin retracement?

On the 4-hour chart, we can see sharp rejection for further upside this morning as soon as the $0.69 mark was reached.

Ripple price analysis: XRP peaks at $0.69, set to swiftly retrace today? 2
XRP/USD 4-hour chart. Source: TradingView

Ripple price action traded in a relatively narrow range over the past weeks. At the beginning of February, a slightly higher high was set around $0.63. From there, XRP/USD retraced again, establishing a higher low.

Therefore, a setup for a much stronger move higher was made. Late on the 3rd of February, bulls started to push the market higher again, with a massive spike higher seen yesterday, eventually leading to the $0.65 previous high being clearly broken.

Overnight to today, the Ripple price reached the next price milestone at $0.69. Since then, rejection for further upside can be seen, indicating that the upswing has finally peaked. Likely this price action development will lead XRP/USD to retrace some of the substantial gains over the next 24 hours.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as we have seen a strong rally over the last 24 hours to the next major price mark at $0.69. After the resistance was reached, XRP/USD started to reject lower, indicating an upcoming retracement.

While waiting for Ripple to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.

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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