- Ripple price analysis is bearish today.
- Indicators are bearish on XRP.
- Daily support is found at $0.70.
Ripple price analysis is bearish today, as we anticipate the market to retreat some of its gains made earlier this week. The $0.70 support will not last long, opening the door to the $0.75 resistance level.
Ripple price analysis shows that the market has been trading sideways, forming a small consolidation pattern over the last two days. The bulls attempted to break out to the upside last night but were swiftly rejected by the $0.85 resistance level. We can see on the 4-hour chart that the market has formed a bearish descending triangle pattern, which is typically a bearish reversal pattern.
Therefore, we expect the market to continue lower next week and retest the $0.75 support level. A break below this level would confirm the bearish reversal and open up the downside towards the $0.70 support.
On the other hand, if the bulls can defend the $0.75 support level and push higher, they may test the $0.85 resistance level again. A break above this level would invalidate our bearish forecast and could lead to a move towards the $0.80 resistance level.
Ripple price movement in the last 24 hours: Bearish signals
The Ripple market has been testing the $0.77 support over the last few hours as it continues to consolidate. Over the last two days, the market has made a series of higher lows and lower highs, a typical consolidation sign. However, the bulls have so far been unable to break out above the $0.78 resistance level, which has prevented them from making any further progress.
At the time of writing, the Ripple price is trading at $0.77, where it has been stuck for the last few hours. The market is currently range-bound between the $0.77 support and the $0.85 resistance. A break out of either of these levels would likely provide some direction for the market.
Ripple price analysis 4-hour chart: Recent price developments
The 4-hour Ripple price analysis chart shows that the Ripple price has formed a bearish descending triangle pattern, which is typically a bearish reversal pattern. The market has made lower highs and higher lows over the last few days as it consolidates. The $0.70 support is currently being tested as the market struggles to move higher.
A break below the $0.77 support level would confirm the bearish reversal and open up the downside towards the $0.70 support level. On the other hand, a break above the $0.78 resistance level would invalidate our bearish forecast and could lead to a move towards the $0.80 resistance level.
The MACD on the 4-hour chart is currently declining and is close to crossing into negative territory, which would confirm the bearish reversal. The RSI is also falling and is currently trading at 42 below the 50 levels. This is a further bearish sign, showing that the bulls are losing momentum.
Ripple price analysis: Conclusion
The Ripple price analysis is bearish today, as the market has failed to advance in recent days. As a result, we anticipate XRP/USD to retreat even more and attempt the $0.70 support next.
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