TL; DR Decomposition
- Today’s Ripple price analysis is bearish.
- XRP / USD is currently retesting the previous highs.
- Bullish momentum remains weak.
Today's Ripple price analysis is bearish, as we expect the $0.85 resistance level to reverse the market again. Therefore, XRP / USD should continue to consolidate sideways for the next few days.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has maintained its bullish momentum over the past 24 hours. Market leader Bitcoin is up 1.46%, while Ether is up more than 1%. Meanwhile, Ripple (XRP) is trading marginally higher by 0.64%.
Ripple price action over the past 24 hours: Ripple continues to move higher, reaching previous local highs
XRP/USD is trading in a range of $0.8169 to $0.84, indicating little volatility over the past 24 hours. Trading volume fell by 32.27% to a total of $1.58 billion, while the total market capitalization was around $39.26 billion, ranking 8th overall.
XRP/USD 4-hour chart: XRP reversal again?
On the 4-hour chart, we can see that Ripple price is slowly moving towards the $0.85 resistance level, which could mean a reversal below it.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has been steadily declining over the past week with slightly lower highs. The weekly low is $0.76, while $0.85 is currently the local resistance.
After failing to move lower on Friday, XRP/USD hit a slightly higher low before rising to a previous high of $0.84. As a result, the market is now in an increasingly narrow consolidation range.
Unless Ripple price action is able to break higher, we expect the current consolidation to continue with another retest to the downside. A break below is unlikely as the market has seen enough selling over the past few weeks, which could mean that the shorts are finally exhausted.
Ripple Price Analysis: Conclusion
Today's Ripple price analysis is bearish as we see a slow rise over the last 24 hours leading to the previous resistance level of $0.85. XRP / USD may reverse below the resistance level and continue to consolidate sideways in a weekly range.
While waiting for Ripple to develop further, see our articles on Pi wallets, Electrum wallets, and Celsius degree wallets.
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