- XRP peaked at $1.50 yesterday.
- Closest support at $1.30.
- Next major support at $1.10.
Today’s Ripple price prediction is bearish as the market slowly retraces after setting a new all-time high at $1.50. Local support at $1.30 currently holds the market from further downside. However, considering how fast XRP/USD moved higher last week, we should see further retracement later today.
Cryptocurrency heat map. Source: Coin360
The overall market has traded bullish over the last 24 hours. Market leader Bitcoin has remained relatively flat with a gain of 1 percent. Ripple (XRP) saw the worst performance as it lost 5 percent after very strong bullish momentum over the past days. Meanwhile, Binance Coin is one of the best performers among the top altcoins, with a gain of around 17.5 percent.
Ripple price prediction: Ripple retraces after setting ATH at $1.50, further downside expected today
XRP/USD opened at $1.35 after peaking at $1.50 yesterday and rejecting further upside, forming a pin bar on the daily chart. This should lead towards further downside over the next 24 hours, with the next major support located around the $1.10 mark.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $1.31 – $1.44, indicating a moderate amount of volatility. Trading volume has dropped by 46.66 percent, totaling $16.25 billion. The total market cap has reached $60 billion, ranking the cryptocurrency in 4th place overall.
XRP/USD 4-hour chart – XRP retests support at $1.30
On the 4-hour chart, we can see XRP/USD retesting support at the $1.30 mark after Ripple price action found support around the price level overnight.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has continued gaining ground over the last week. After establishing a higher major swing low at the $0.85 mark on the 7th of April, the market slowly moved higher until the previous high around $1.10 was broken without much hesitation.
Over the following 24 hours, Ripple price action continued rallying until it finally peaked at the $1.50 mark. Overnight, XRP/USD retraced to $1.30 and started consolidating in an increasingly tighter range. Currently, the $1.30 support is being tested once again as the market likely wants to retrace further after such a strong several-day bullish momentum.
Therefore, we expect XRP/USD to move lower over the next few days to establish a base from which to continue pushing higher later this month. A major support level is seen around the $1.10 mark, which previously acted as a resistance. Around the $1.10, we can also see the 61.8 Fibonacci retracement level, which should offer additional support. If a long position is taken from this support, traders would have an excellent setup in terms of risk/reward.
Another level to keep an eye out for is located around $1.76, as 50 percent Fibonacci retracement is located there. Therefore, the area between 50 and 61.8 Fib retracement levels could act as one big support, which, if broken, would mean that bearish sentiment is taking over the market.
Ripple Price Prediction: Conclusion
Ripple price prediction is bearish for the next 24 hours as the market looks to retrace some of the gains seen over the past days. Likely we will see the current support at the $1.30 mark broken later today as XRP/USD looks to retrace further and retests the previous major resistance as a support around $1.10.
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