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Ripple price prediction: Ripple rejects upside at $0.46, set to move lower

Ripple price Analysis

TL;DR Breakdown

  • XRP rejects further upside.
  • Support ar $0.445.
  • 1.8 percent Fib retracement to provide additional support

Today’s Ripple price prediction is bearish as the market rejects further upside around $0.046 and the 50-period moving average. Therefore, we are likely to see bearish price action overnight as the market prepares to set a higher local high to establish base for a medium-term reversal.

Ripple price prediction: Ripple rejects upside at $0.46, set to move lower 1
Cryptocurrency heat map. Source: Coin360

The overall market is in the green today. Leaders Bitcoin and Ethereum are up by 5 and 6 percent, respectively. The worst performance from the top altcoins is seen for VeChain (VET), as it has lost 0.9 percent over the past 24 hours. Best performance is seen for Litecoin with over 7 percent gain.

Ripple price prediction: Ripple rejects upside at $0.46, set to move lower

XRP/USD opened at $0.439 today after several bearish daily closes, which led Ripple price from the $0.50 resistance to a retest of support around the $0.43-$0.44 area. After the pullback, XRP/USD quickly bounced back and reached towards the previous local high at $0.465.

Ripple price movement in the last 24 hours

The XRP/USD price moved in a range of $0.4355- $0.4647 with a 24 trading volume of 3.3 billion, which is down by 1.84 percent over the previous 24 hours period. Market cap stands at $20.7 billion, ranking XRP in 7th place among other coins by market cap.

XRP/USD 4-hour chart – Ripple forming bearish pin bar of rejection

On the 4-hour chart, we can see Ripple price rejecting further upside after bullish momentum earlier today. Therefore, we are likely to see Ripple retrace lower again over the next hours.

Ripple price prediction: Ripple rejects upside at $0.46, set to move lower 2
XRP/USD 4-hour chart. Source: TradingView

Overall, the market has calmed down after severe volatility was seen the previous month. After Ripple slowly traded towards the $0.40 mark at the end of February, support was found, and a new medium-term swing low was set.

What followed was a prolonged first week in March, during which XRP slowly traded higher and peaked just under the $0.50 mark. After a brief retest of this area at the beginning of this week, Ripple started moving lower again as it looked to retrace some of the previous gains.

Previous support around $0.445 was tested and broken with a solid momentum yesterday. However, after retracing further towards 61.8 Fibonacci level, Ripple found buyers once more. The further downside was quickly rejected and pushed the price of Ripple higher again. 

Since Ripple also has rejected further upside during the past hours, we can expect Ripple to form an increasingly tighter trading range with a $0.445 level being the central zone where the price is drawn to.

Until a clear higher high or low is set, a medium-term trend is hard to predict. When considering that the current price structure around $0.445, we could assume that it is a higher swing low, and Ripple should start to move higher next week.

For now, Ripple will likely head towards the downside again as it looks to retest the previous low after failing to move higher earlier today.

Ripple Price Prediction: Conclusion 

Ripple price prediction for today is bearish as the price structure of XRP/USD over the past hours indicates rejection for further upside. We are likely to see a bearish pin-bar formed on the current 4-hour candle, signaling traders to push the market lower again. 

Therefore, the best option, for now, is to wait for further price action development. While waiting, see our latest long-term guide on Bitcoin for the upcoming years, as well as our article on how to mine Ripple in 2021.

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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