- Ripple price analysis is bearish today.
- XRP/USD reached previous major support at $1.05 yesterday.
- Ripple currently starts to trade lower.
Ripple price analysis is bearish today as further upside was rejected after the $1.05 previous major support, which now acts as resistance was reached yesterday. Therefore, we expect XRP/USD to reverse and retrace towards $0.97 previous resistance.
The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 6.2 and 5.45 percent, respectively. The rest of the top altcoins follow, with a gain of 5-10 percent.
Ripple price movement in the last 24 hours: Ripple tests $1.05 major resistance
XRP/USD traded in a range of $0.9693 – $1.06, indicating substantial volatility over the last 24 hours. Trading volume has increased by 77.99 percent and totals $5.18 billion, while the total market cap trades around $47.3 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP set to retrace today?
On the 4-hour chart, we can see Ripple price action rejecting further upside and starting to retrace.
Ripple price action has traded sideways over the past weeks. After a sharp drop below $1.05, where the previous consolidation range was formed during the middle of September, new support was found at $0.85.
Over the following days, XRP/USD set a slightly higher low at $0.90, with several retests following last week. On Monday, Ripple bounced from the $0.90 mark again, this time gaining more bullish momentum.
Ripple price saw a strong spike higher yesterday, with the $0.97 resistance finally clearly broken. XRP/USD quickly reached the $1.05 previous major support next, with bearish pressure beginning there. Overall, this price action development should lead XRP to retrace and retest the previous resistance as support over the weekend.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next 24 hours as a significant resistance of $1.05 was reached yesterday, with a bearish reaction from there. Therefore, we expect XRP/USD to retrace over the next 24 hours and likely retest the previous resistance of $0.97 as support.
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