Ripple Price Analysis: XRP finds resistance at $0.85, a test of downside to follow?

Ripple Price Analysis: XRP finds resistance at $0.85, a test of downside to follow? 1

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD recovered 44  percent from the previous low.
  • Resistance was found at $0.85 overnight.

Ripple price analysis is bearish today as we expect another test of downside to follow after a strong retracement to $0.85. Since XRP/USD has formed consolidation overnight, we expect bulls to be exhausted, leading to another move lower later today.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours as the market recovered from the strong selloff on Friday. The market leader, Bitcoin, gained 3.53 percent, while Ethereum 6.85 percent. Terra (LUNA) is the top performer, with a gain of almost 40 percent.

Ripple price movement in the last 24 hours: Ripple recovers to $0.85, starts to consolidate

XRP/USD traded in a range of $0.7545 – $0.8638, indicating strong volatility over the last 24 hours. Trading volume has declined by 37 percent, totaling $3.78 billion, while the total market cap trades around $38.74 billion, ranking the coin in 8th place.

XRP/USD 4-hour chart: XRP looks to test downside today?

On the 4-hour chart, we can see the $0.85 mark preventing further upside over the past hours, likely leading to a retest of downside later today.

Ripple Price Analysis: XRP finds resistance at $0.85, a test of downside to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen a steady decline over the last weeks. From the previous major swing high at $1.35, XRP/USD has retraced over 55 percent to the $0.59 low, indicating that we might see a major reversal soon.

However, for now, the overall market structure is still bearish as we saw a strong drop lower on Friday. Support at $0.59 offered strong support, leading to a quick rejection higher Yesterday.

The Ripple price action found resistance at $0.85 as it recovered over 40 percent by the end of the day. Overnight, XRP/USD consolidated, indicating we should see a reversal back to the downside later today.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we saw the $0.85 slow down the recovery. Therefore, XRP/USD is likely ready to test downside again, likely leading to a higher low set.

While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Disclaimer. The information provided is not trading advice. 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.

Source link

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

What do you think?


Billionaire investor signals disdain for Bitcoin while admitting admiration for China’s ban

Terra (LUNA) Hits New ATH, Overtakes Shiba Inu!

Top Gainer of the Week: Terra (LUNA)