- Ripple price analysis is bearish today.
- XRP/USD continued to move higher overnight.
- Today, the $0.69 resistance level could reverse XRP.
Today's Ripple price analysis is bearish as we have seen strong higher highs reaching the $0.69 mark. Already this morning we have seen a rejection of further gains, indicating that the bulls have finally exhausted themselves.
Cryptocurrency heat map. Source: Coin360
The cryptocurrency market has seen strong bullish results over the past 24 hours. Market leaders Bitcoin and Ether are up 8.97% and 5.48%, respectively. Ripple (XRP) followed closely behind with gains of more than 8%.
Ripple price action over the last 24 hours: Ripple broke out of its previous highs and met resistance at $0.69
XRP/USD traded in a range of $0.6075 to $0.6837, indicating very high volatility over the last 24 hours. Trading volume increased by 80.68% to $2 billion. At the same time, the total market capitalization was about $32.14 billion, ranking 8th overall.
XRP/USD 4-hour chart: XRP looks to start pulling back?
On the 4-hour chart, once the $0.69 handle is reached, we could see a strong rejection of further gains this morning.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has traded in a relatively narrow range over the past few weeks. In early February, a slightly higher high was set near $0.63. From there, XRP / USD retraced again, establishing higher lows.
Thus, the stage was set for a stronger move higher. Late on February 3, bulls began to push the market higher again, with a sharp spike yesterday, culminating in a clear break of the previous high of $0.65.
Overnight to today, Ripple price reached the next price milestone of $0.69. Since then, further upward rejection can be seen, indicating that the rally has finally peaked. The development of this price action could lead to a sharp rise in the retracement portion of XRP/USD in the next 24 hours.
Ripple Price Analysis: Conclusion
Today's Ripple price analysis is bearish as we have seen a strong rally over the last 24 hours to the next major price hurdle at $0.69. After reaching the resistance level, XRP/USD started to refuse to go lower, indicating an imminent pullback.
While waiting for Ripple to develop further, see our articles on Coinbase vs. Coinbase Pro, hardware vs. software wallets, and the best cryptocurrency trading platforms in the US.
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