- Ripple price analysis is bearish today.
- XRP/USD is currently trading at $0.87.
- Higher local low set at $0.85.
Ripple price analysis is down today, as we anticipate the $0.90 mark to reverse the market once again. It’s probable that XRP/USD is finally ready to retreat from its previous heights and establish a lower low.
Ripple price movement in the last 24 hours: Bears takes control of the market?
As we can see from the chart, the Ripple price has slipped to a low of $0.83. This is part of a broader bullish trend and we expect this to be an opportunity for XRP holders. The support at $0.85 will more than likely see buyers push the price back towards $0.90, where it could potentially reverse course.
There is still an opportunity for XRP/USD to establish a lower low at $0.80 however, so there’s always the risk of another slide. This would be expected to consolidate around $0.85-$0.86 before pushing up towards $0.90 again.
The last few days have seen Ripple’s market cap grow, the Ripple price rising to around $0.87 before falling back to today’s levels of $0.83. This is part of a broader bullish trend that we have anticipated which is set to continue in the coming days.
The Ripple price is expected to continue growing in the coming days, with an opportunity for XRP holders at $0.80. The last few days have seen a growth in market cap and this should continue over the next few days as traders enter the market looking for bargains created by this bearish trend.
XRP/USD 4-hour chart: XRP ready to reverse?
XRP/USD chart above, there are numerous areas of support that may potentially reverse the market. The key point is at $0.85 however, where a substantial amount of buying interest has been seen in recent weeks.
Ripple’s price has broken out in the past week. XRP/USD spent more than a week consolidating around $0.60 before it began to rise rapidly on February 4th.
The initial downward resistance was found at $0.69, resulting in a consolidation near the highs. On February 6th, the rally resumed, boosting the price to $0.90.
The failed rally could have been the beginning of a correction in Ripple’s price. Higher local lows were established at $0.85; this is also an area where buyers showed considerable interest in placing buy orders in previous weeks. XRP/USD went on to set the year’s low at $0.80, which should provide plenty of support in the days ahead.
The MACD on Ripple’s 4-hour chart is bearish and the RSI has dropped below 50, which means that XRP/USD will more than likely continue falling. The next few days should see a correction in Ripple’s price as buyers return to the market looking for an opportunity to catch a bargain.
Ripple price analysis: Conclusion
Ripple price analysis is bearish, however, there are signs of a correction in the days ahead. XRP/USD will likely drop towards $0.80 soon before entering another rally to heights unknown.
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