- Ripple price analysis is bearish today.
- XRP/USD retested support around $0.90.
- Quick spike higher took XRP to $1 resistance.
Ripple’s price analysis is bearish today, as we anticipate a further decline following the significant increase today, which was prevented by resistance at the $1 mark. As a consequence, XRP/USD is expected to reverse and test further downside later today.
Ripple surged higher earlier today, quickly reaching resistance at the $1 mark. However, the rally was short-lived, as the cryptocurrency reversed and fell below support at $0.90. At the time of writing, Ripple is trading at $0.92, down 3% on the day.
Ripple dropped sharply earlier today, quickly reaching support at the $0.90 mark. However, the rally was short-lived, as the cryptocurrency reversed and fell below support at $0.90. At the time of writing, Ripple is trading at $0.92, down 3% on the day.
However, we can expect some upside later today as volatility declines, although it remains within the range. In the short term, however, Ripple’s price analysis is bearish overall as we anticipate a further decline following the significant increase today, which was prevented by resistance at the $1 mark.
XRP/USD 4-hour chart: XRP set to decline again?
We can also see that despite strong resistance at $1 following earlier highs, the Ripple price has continued to rise on the hourly chart.
Looking at the technical indicators, we can see that the RSI is in oversold territory and will likely recover in the near term. The MACD is also signaling a potential turnaround, with a bullish crossover imminent. This suggests that Ripple could recover some of its losses in the coming days.
However, overall, the outlook remains bearish, as the cryptocurrency is trading below the six-day EMA and the twelve-day EMA, which indicates that bearish momentum is likely to continue. Also, Ripple faces resistance at $1 and support at $0.90 in the event of a downside correction.
The first downside was rejected, but bears returned later in the day for another try, with a resounding rejection observed once more. XRP swiftly advanced toward $1 overnight as a result of an increase in bullish momentum.
The Ripple price’s upward momentum was halted during the first half of today, preventing more losses. As a result, we anticipate the Ripple price to establish another low peak in the following 24 hours, followed by another decline. If $0.90 is broken, the next support is at $0.85.
Ripple Price Analysis: Conclusion
Ripple’s price chart is bearish today, and after the $1 barrier was breached earlier today, further losses are expected. Next week, XRP/USD is likely to revisit the $0.90 support level.
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