Ripple price analysis: XRP swiftly spikes to $0.85, set to continue lower?
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TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD found support at $0.76 yesterday.
- Quick spike higher seen to $0.85
Ripple price analysis is bearish today as we have seen a strong spike higher to $0.85 resistance late yesterday and consolidation since. Therefore, we expect XRP/USD to reverse back to the downside and make another wave lower early next week.
The market has seen mixed results over the last 24 hours. The leader, Bitcoin, remained almost flat, with a gain of 0.04 percent, while Ethereum lost 0.36 percent. Meanwhile, Ripple (XRP) was among the top performers, with a gain of 7.5 percent.
Ripple price movement in the last 24 hours: Ripple regains previous loss, peaks below $0.85
XRP/USD traded in a range of $0.7634 – $0.8488, indicating strong volatility over the last 24 hours. Trading volume has increased by 8.3 percent, totaling $3.3 billion, while the total market cap trades around $39.7 billion.
XRP/USD 4-hour chart: XRP looks to test more downside?
On the 4-hour chart, we can see the Ripple price consolidating overnight, likely preparing for more downside to be tested soon.
Ripple price action has seen a strong advance this week. After several days of advance, a strong major high was set at $0.90 on the 8th of February.
The resistance was later retested twice with clear rejection for further upside, indicating an upcoming reversal. More downside was indeed tested by Friday as XRP/USD moved to $0.76.
After some consolidation, the Ripple price action reclaimed some of the loss late yesterday, peaking below $0.85. Likely we will see more selling from there as the overall market is still very extended.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market has quickly spiked higher and found resistance at $0.85. Therefore, XRP/USD has set a strong lower high and is now ready to test more downside early next week.
While waiting for Ripple to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.
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