Ripple Price Analysis: XRP spikes to $0.91, support found?

TL;DR Breakdown

  • Ripple price analysis is bullish for the rest of the day.
  • XRP/USD saw heavy selling earlier today.
  • Support found around $0.91. 

Ripple price analysis is bullish today as a strong lower low has been set at $0.91, with buying pressure returning right now. Therefore, we expect bears to be exhausted, leading XRP/USD higher later today.

Cryptocurrency heat map. Source: Coin360

The market has seen strong selling pressure over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 6.07 and 7.1 percent, while Ripple (XRP) has lost almost 9 percent.

Ripple price movement in the last 24 hours: Ripple breaks $1.02 support, finds support at $0.91

XRP/USD traded in a range of $0.9367 – $1.06, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.61 percent, totaling $4.27 billion, while the total market cap trades around $44.745 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP looks to reverse from $0.91

On the 4-hour chart, we can see slight rejection for further downside for the Ripple price as bears are exhausted after a strong selloff earlier today.

XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen consolidation in an increasingly tighter range above $0.102 support over the past week. The $1.02 mark was initially reached on the 18th of November after a strong decline from the $1.35 previous major swing high.

Despite the $1.02 support holding, further lower lows were set over the week, slowly building up pressure in the market. Yesterday, another lower high was set at $1.06, leading to more downside overnight.

Ripple price continued lower to $1.02 when a sharp break lower was finally seen over the past hours. Currently, XRP/USD has found low around $0.91, likely leading to recovery over the next 24 hours.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as further downside currently gets rejected after a spike to $0.91 earlier today. Therefore, XRP/USD has likely found a new low, leading to a retracement over the next 24 hours.

While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.