Ripple Price Analysis: XRP slowly retests $0.85, consolidation to continue?
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TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD currently retests previous high.
- Bullish momentum is still weak.
Ripple price analysis is bearish today as we expect the $0.85 resistance to reverse the market again. Therefore, XRP/USD should continue to consolidate sideways over the next days.
The cryptocurrency market has seen bullish momentum continue over the last 24 hours. The market leader, Bitcoin, has gained 1.46 percent, while Ethereum has over 1 percent. Meanwhile, Ripple (XRP) trades with a small gain of 0.64 percent.
Ripple price movement in the last 24 hours: Ripple continues higher, reaches previous local high
XRP/USD traded in a range of $0.8169 – $0.84, indicating mild volatility over the last 24 hours. Trading volume has declined by 32.27 percent, totaling $1.58 billion, while the total market cap trades around $39.26 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP to reverse again?
On the 4-hour chart, we can see the Ripple price action slowly moving to $0.85 resistance, likely meaning a reversal will follow below it.
Ripple price action has seen a steady decline over the last week, with slightly lower highs set. The weekly low was found at $0.76, while the $0.85 currently acts as the local resistance.
After failing to move any lower on Friday, XRP/USD set a slightly higher low before moving towards the previous high at $0.84. Therefore, the market currently trades in an increasingly tighter consolidation range.
Unless the Ripple price action can break higher, we expect the current consolidation to continue with another retest of downside. Break lower is unlikely as the market has seen enough of selling over the past weeks, likely meaning that bears are finally exhausted.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we saw a slow advance over the last 24 hours lead to the $0.85 previous resistance. Likely XRP/USD will reverse below the resistance and continue trading sideways around the weekly range.
While waiting for Ripple to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.
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