TL;DR Breakdown
- XRP set a new yearly high at $0.755.
- $0.40 support holds for now.
- Resistances for XRP located around $0.50 and $0.55 marks.
Ripple price prediction for today is bullish since XRP/USD has already retraced most of the gains seen earlier today. Therefore, another push higher might be seen later today.
The overall market is in the red as of now. Bitcoin and Ethereum continue to consolidate without a clear direction. Meanwhile, XRP, BNB, and SUSHI are currently making the biggest moves.
Ripple price prediction: XRP to move higher subsequently?
XRP/USD opened at $0.495 today after several days of bullish momentum. Previously the $0.50 price mark held Ripple in place, however, after a third test, XRP/USD managed to move higher.
After moving towards $0.755, Ripple experienced a massive rejection, reflected by the huge 4-hour bearish pin bar. Following this, Ripple moved all the way from $0.61 to the current low of $0.40, a drop of over 30 percent in just 4 hours.
Therefore, the Ripple price prediction for today is bullish as we should see additional attempts to move higher.
Ripple price movement in the last 24 hours
Ripple has moved in a range of $0.4063 – $0.7448 in the last 24 hours. Further increase in volume resulted in a turnover of almost $36 billion, which is up 11.5 percent compared to yesterday.
XRP/USD 4-hour chart – extreme volatility to both sides
Looking at the 4-hour chart for XRP/USD, the move from $0.25 to $0.755 is currently undergoing a retracement. Ripple has already reached the psychologically important $0.40 mark as well as 61.8 percent Fibonacci retracement.
There are no clear support/resistance levels left as all of them were demolished during the severe volatility seen earlier today. However, the next support is seen at $0.35. If Ripple moves even lower, we should see some reaction to this area.
Alternatively, there are several resistances for Ripple. The $0.50 level is currently in confluence with the 50 percent Fibonacci retracement. It also previously acted as resistance twice before Ripple broke past the mark.
Next minor resistance is seen around $0.55. Ripple did show some signs of rejection for it as support earlier today. This level did also act as support several times in December, therefore, some reaction to it might be seen if Ripple can move higher once again.
The same can be said about the area where the previously mentioned 4-hour bearish pin bar closed. The $0.60 – $0.61 area could also be used as a resistance level, from which to take profits in case a long position is made.
Overall, the analyst believes that the price of XRP/USD is currently too volatile to predict further moves. Ripple should calm down before a more precise Ripple price prediction can be made. However, considering the current volatility, it could take several days.
Ripple Price Prediction: Conclusion
Overall, the Ripple price prediction is bullish. Ripple has already retraced towards the 61.8 key Fibonacci level as well as lost more than 45 percent from the high of $0.755. Whether or not we will see further downside is a tricky question – the volatility right now is simply too high.
Therefore, Ripple should calm down before a more precise price prediction can be made. In order for this to happen, some of the massive downside over the past hours has to be regained. However, predicting resistance points in the market for Ripple could be very complex, considering the massive price moves.
For now, the best option would be to stay neutral and wait for further price action development.
While waiting, read our news on Elon Musks’ latest tweet about Bitcoin or see our weekly crypto price analysis.
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.
