- XRP has set a new yearly high at $0.52.
- Closest support around $0.35.
- Ripple rejects further upside.
Ripple price prediction for today is bearish as the market extended by over 100 percent during the past days, and XRP has started to reject further upside.
Cryptocurrency heat map by Coin360
The overall market currently is relatively neutral. Bitcoin is slightly in the red with 0.4 percent, while Ethereum is up by 1 percent. Other major Altcoins follow a similar pattern. Uniswap has also performed well, as it is up around 28 percent.
Ripple price prediction: XRP ready to reverse after a brief move above $0.50
XRP/USD opened at $0.4437 after a powerful rally from $0.25 support to the current high of $0.52. Therefore, Ripple gained more than 100 percent over the last three days. A gain of this magnitude is by far the best when compared to the top altcoins.
Right now, however, a retracement is expected. XRP/USD is not expected to sustain such a rapid increase without some form of a pullback that would allow XRP to form a base for the next bull run.
Ripple price movement in the last 24 hours
Ripple has traded in an extremely volatile range of $0.2974 – $0.4893 over the last 24 hours. Trading volume saw a huge increase of 300 percent when compared to the previous 24-hour period. XRP/USD had an impressive trading volume of $29 billion. The increased volatility has started to calm down; however, XRP/USD still moves in a massive range of around $0.40-$0.45.
Ripple price chart by TradingView
XRP/USD 4-hour chart – XRP rejecting further upside
A critical resistance area around $0.30-$0.31 was mentioned in our previous Ripple Price Prediction. This area of resistance did indeed hold the price of XRP down for a long time. However, Ripple broke above the $0.28 mark on the 29th of January. Afterward, Ripple reached the $0.30-$0.31 area almost immediately.
At first, Ripple rejected further upside, as seen on the chart on the 29th of January. However, after some additional consolidation, Ripple made another attempt to move higher. This time it was successful. As soon as Ripple reached the $0.30 area, the market experienced a massive bullish pressure.
The bullish pressure for XRP/USD resulted in a move to $0.52, which is a new yearly high. Since then, Ripple has established a local support around $0.37-$0.38. The price of Ripple already rejected further downside twice from this price level.
However, the same kind of rejection for upside is seen on the chart. XRP/USD has established a resistance area around $0.45. Two clear rejections from the $0.45 price mark have already been made. Therefore, we could see Ripple trading sideways for a while. Potentially, a consolidation range of $0.37-$0.45 could emerge for today.
The most likely scenario is that Ripple breaks to the downside and tests further lows. Ripple should find support around $0.35 and $0.31 levels. The first one, the $0.35 mark, previously acted as a strong resistance on the 7th and 10th of January. This price level is also in confluence with 61.8 Fibonacci retracement, which should also increase the demand for XRP/USD as it moves lower.
The next area of support – the $0.31 price level – has previously offered a very strong resistance. XRP/USD respected this price level over the past weeks. Therefore, it should now turn into a significant support. It is increasingly likely we see the 100 period moving average closing in on this area in the upcoming days, providing additional interest for XRP at this price level.
Ripple Price Prediction: conclusion – XRP should move lower
Overall, the Ripple price prediction is bearish. XRP/USD has increased by more than 100 percent since the previous swing low of $0.25, indicating that the market is very extended.
Therefore, the analyst predicts a strong retracement in the coming days. Potential areas of support to watch are located around $0.31 and $0.35. Until Ripple can reach either of them, traders should stay neutral and wait for further price action development.
If you are waiting for further price action development, see our news on Ripple fighting the allegations of the United States Securities and Exchange Commision (SEC) further reading, and our guide on crypto debit cards.
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.