Ripple Price Analysis: XRP drops another 10 percent, finds support at $0.85 for now
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TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD continued to decline overnight.
- Support found around $0.85.
Ripple price analysis is bearish today as the market still continues to test further downside. Likely we will see the $0.85 support break, leading XRP/USD even lower later today.
The market overall has seen bearish momentum continue over the last 24 hours. The market leaders, Bitcoin and Ethereum, are both in the red with a loss of 2.62 and 2.66 percent, respectively. Meanwhile, Ripple (XRP) performed even worse, with a loss of 4.29 percent.
Ripple price movement in the last 24 hours: Ripple finds some support at $0.85
XRP/USD traded in a range of $0.8394 – $0.8962, indicating substantial volatility over the last 24 hours. Trading volume has declined by 16.97 percent, totaling $1.96 billion. Meanwhile, the total market cap trades around $40.46 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP looks to break lower?
On the 4-hour chart, we can see the Ripple price slowly breaking the $0.85, likely leading to more downside later today.
Ripple price has seen bearish momentum return over the past week. After peaking at $1.02 on the 23rd of December, XRP/USD saw strong rejection for further upside, leading to a drop to $0.90.
After brief consolidation during the weekend, a quick spike higher set a strong lower high at $0.95. From there, Ripple saw another selloff begin. The market declined by more than 10 percent again until the $0.85 mark offered some support yesterday.
However, overnight, bears did not give up, slowly pushing the Ripple price even lower. Likely we will see XRP/USD break even lower later today, leading to even more of the previous rally being retraced.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect more downside to follow as the $0.85 likely will not slow down the market for long. Therefore, XRP/USD is likely heading even lower over the next 24 hours.
While waiting for Ripple to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.
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