- Ripple price analysis is bearish today.
- XRP/USD is currently trading at $0.8477.
- Consolidation formed around $0.82.
Ripple price analysis is bearish today as the market awaits further news on the San Francisco-based startup’s product development. XRP/USD saw further upside overnight, reaching as high as $0.8290 before consolidating around $0.8250. The pair is likely to continue trading sideways in the near term, as traders await further news on Ripple’s product development. A break below $0.8200 could see the pair extend its losses to $0.8000. On the other hand, a breakout above $0.8400 could take it back to $0.8700 levels.
Ripple price movement in the last 24 hours: Ripple gains 6 percent, finds resistance around $0.825
The volatility in the cryptocurrency market continued over the weekend, with Ripple (XRP) being one of the primary beneficiaries. The digital asset gained more than 6 percent in the last 24 hours and traded around $0.825 during the early part of Monday morning (UTC).
This gain came after XRP had successfully broken above a major resistance at $0.80 and reached as high as $0.829 during the Asian trading hours on Sunday. However, the digital asset faced some selling pressure at this level and pulled back to trade around $0.825 levels at the time of writing.
The primary reason behind this price rally was the news that Ripple is all set to launch a new product called ‘PayString’. The announcement was made by the company’s Chief Executive Officer (CEO), Brad Garlinghouse, during an interview with Fortune magazine. He said,
“We are going to be announcing a new product called Paystring that will enable people to transact in any form of currency, whether it’s Ripple or Bitcoin or dollars, and it will settle in the background.”
This new product would enable users to transact in any form of currency, which is a major step forward for the company. Currently, Ripple is mainly used by financial institutions for cross-border payments.
The news also helped to offset some of the negative sentiment that was building up in the market following the hack of South Korean cryptocurrency exchange, Coinrail. The exchange announced on Sunday that it had been hacked and around $40 million worth of cryptocurrencies were stolen.
The total value of all cryptocurrencies has fallen by more than $600 billion since January this year, with Bitcoin (BTC) being one of the primary losers. At the time of writing, BTC was down by more than 10 percent.
XRP/USD 4-hour chart: XRP ready to retrace?
On the 4-hour chart, we can see that the Ripple price is attempting to turn around as bulls are weary from a powerful advance.
The market is currently trading around the 38.2 percent Fibonacci retracement level of the last major move from $0.5018 to $0.8290. A breakout above this level could take the price back towards the $0.8400 resistance, which is also near the 50 percent Fibonacci retracement level.
On the other hand, a break below $0.8200 could see the price extend its losses towards the $0.8000 support level. Overall, the market is likely to remain range-bound in the near term as traders await further news on Ripple’s product development.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market awaits further news on the San Francisco-based startup’s product development. XRP/USD saw further upside overnight, reaching as high as $0.8290 before consolidating around $0.8250. The pair is likely to continue trading sideways in the near term, as traders await further news on Ripple’s product development.
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