Ripple Price Analysis: XRP consolidates around $0.76, another test of downside today?

TL;DR Breakdown

  • Ripple price analysis is bearish today.
  • XRP/USD set another lower high overnight.
  • Consolidation around $0.76 is likely to continue.

Ripple price analysis is bearish today as we expect another test of downside after a lower high was set overnight. XRP/USD will likely move to set another higher low and continue the current consolidation.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, trade in the red, with a loss of 0.47 and 0.63 percent. Meanwhile, Ripple (XRP) has gained 0.65 percent.

Ripple price movement in the last 24 hours: Ripple tests upside again

XRP/USD traded in a range of $0.7441 – $0.7751, indicating mild volatility over the last 24 hours. Trading volume has declined by 10.84 percent, totaling $1.93 billion, while the total market cap trades around $36.8 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP set for another push lower?

On the 4-hour chart, we can see the Ripple price action establishing lower high, meaning we can expect another push lower to follow later today.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action failed to retrace previous loss after several days of consolidation. XRP/USD broke lower on the 5th of January, quickly dropping around 13 percent to the $0.72 mark.

The following recovery set local high at $0.79 before another test of downside established a higher low at $0.73. Therefore, XRP has established a consolidation range as a potential preparation for a more serious retracement,

Overnight, the Ripple price action peaked below $0.78, with further upside rejected since. Likely XRP/USD is now ready to move lower again and set further higher low to continue the current consolidation.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish today as a lower high has been set overnight. Likely XRP/USD will reverse from there, and move to set another higher low to continue the current consolidation. 

While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.