Ripple Price Analysis: XRP retests $0.85 resistance again, prepares to move lower?
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TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD saw upside rejected again.
- Closest support at $0.81.
Ripple price analysis is bearish today as currently another attempt to move higher is rejected at the $0.85 resistance. Therefore, XRP/USD should move lower again later today and continue testing further lows.
The market overall has seen a slight bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, both are up by around 1 percent. Meanwhile, Ripple (XRP) follows with just a 0.52 percent gain.
Ripple price movement in the last 24 hours: Ripple slowly retraced after the initial test of $0.85 resistance
XRP/USD traded in a range of $0.8292 – $0.8563, indicating mild volatility over the last 24 hours. Trading volume has declined by 8.85 percent, totaling $1.87 billion. Meanwhile, the total market cap trades around $40.3 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP rejects $0.85 resistance again
On the 4-hour chart, we can see a quick push higher for the Ripple price this morning result in another rejection.
Ripple price action has seen bearish momentum this week. After a strong rally earlier in December, a strong swing high was set at $1.02 on the 23rd of December.
From there, bulls could not sustain the upswing, leading to a sharp drop lower to $0.90 a day later. Consolidation followed over the last weekend, with a slight test of upside to $0.95, where rejection for upside was seen.
Over the following days, the Ripple price action moved lower with strong momentum again. This time, the $0.81 mark offered support, leading to a reaction higher yesterday to $0.85. Since XRP/USD has failed to move any higher, we expect another drop to follow over the next days.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect another push follow later after a quick spike to retest the $0.85 resistance. Likely XRP/USD will continue towards the $0.81 support next.
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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