Ripple Price Analysis: XRP still holds above $1.02, break lower to follow today?

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD saw another lower high set overnight.
  • $1.02 support currently tested again.

Ripple price analysis is bearish today as we expect the $1.02 support to finally break after another lower high was set yesterday. Therefore, XRP/USD should set another lower high later today and continue the several-week decline.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has moved with mixed results over the last 24 hours. Bitcoin gained 1.39 percent, while Ethereum lost 0.46 percent. Meanwhile, Ripple (XRP) trades with a loss of 1.82 percent, together with most of the top altcoins.

Ripple price movement in the last 24 hours: Ripple sets lower high after failing to break $1.02

XRP/USD traded in a range of $1.01 – $1.05, indicating low volatility over the last 24 hours. Trading volume has declined by 3.62 percent, totaling $3.06 billion, while the total market cap trades around $48.33 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP prepares to test $1.02 again

On the 4-hour chart, we can see the Ripple price action pushing lower again, likely leading to a breakout this time as a clear lower high was set overnight.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen bearish momentum continue to dominate so far this week, despite the $1.02 mark preventing further downside. Since the last major swing high at $1.35, XRP/USD has retraced around 25 percent.

The $1.02 support was initially reached on the 18th of November, with further lower highs set over the following days, indicating bearish momentum still benign in control. On Monday, we saw the support retested, with consolidation forming since.

However, since further lower highs are still being set, we don’t expect a reversal this week. The Ripple price should break lower later today and continue along with the overall several-week bearish trend. 

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as we expect the $1.02 support to finally get broken after a series of lower highs were set over the past week. Likely XRP/USD has built up enough selling pressure to set a strong lower low 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.