Ripple Price Analysis: XRP prepares to retrace again before $0.85 resistance gets broken?
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TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD consolidates below $0.85.
- Next resistance at $0.90.
Ripple price analysis is bearish today as we expect slight retracement from the $0.85 to set a higher low from which to break higher. Since the $0.85 resistance could not be broken overnight, we assume a higher low needs to be set.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 0.65 percent, while Ethereum 1.44 percent. Meanwhile, Polkadot (DOT) and Avalanche (AVAX) are the top performers, with almost a 6 percent gain.
Ripple price movement in the last 24 hours: Ripple consolidates below $0.85 resistance
XRP/USD traded in a range of $0.8375 – $0.8532, indicating low volatility over the last 24 hours. Trading volume totals 1.022 billion, down by 34.42 percent from yesterday. The total market cap trades around $40.29 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP to retrace once more?
On the 4-hour chart, we can see the Ripple price rejecting further upside, indicating another test of downside needs to be made.
Ripple price has seen a strong reversal this week after previously rallying to $1.02. From there newly set major swing high, XRP/USD retraced to $0.90 at first, setting a strong higher low.
However, not much further upside followed as the market peaked at $0.95 on the 27th of December. Bears quickly took the market lower over the following days, leading to the $0.81 mark, where support has been found since.
Reaction to $0.85 resistance was followed by a quick retest of the $0.81 support. Since then, the Ripple price has returned to $0.85 resistance, where it consolidated overnight. Likely another test of downside needs to be made before the resistance can finally be broken.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect another test of downside to follow from the $0.85 resistance. However, once a higher low is set, XRP/USD should finally break higher.
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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