Ripple Price Analysis: XRP retests $0.72, reversal incoming?

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD retested the previous low at $0.72 with rejection.
  • Closest resistance at $0.78. 

Ripple price analysis is bullish today as we expect recovery after a rejection of further downside yesterday. Likely XRP/USD will now look to set a higher low and attempt to break higher from there.

Cryptocurrency heat map. Source: Coin360

The market has returned to red over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 0.61 and 3.54 percent, respectively. Meanwhile, Ripple (XRP) trades with a similar slight loss of 2.56 percent.

Ripple price movement in the last 24 hours: Ripple retests both local resistance and support

XRP/USD traded in a range of $0.7278 – $0.7683, indicating substantial volatility over the last 24 hours. Trading volume has declined by 5.64 percent, totaling $1.7 billion. Meanwhile, the total market cap trades around $35.58 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP looks to reverse?

On the 4-hour chart, we can see the Ripple price having established strong consolidation, likely from which to reverse some of the gains seen earlier in the week.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen another selloff this week. After consolidating above $0.81 since the end of last year, XRP/USD saw a sharp break lower on the 5th of Jnauary.

The market quickly lost around 13 percent to the $0.72 mark, where a rejection for downside was seen. Local resistance at $0.78 was set shortly after and has since been retested.

Yesterday, the Ripple price went for another attempt to break lower. Bulls quickly rejected further downside, potentially indicating an upcoming reversal. Likely XRP/USD will look to retrace even further over the next days, with the previous major support at $0.81 as the likely target.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as we expect upside to follow after a quick retest of $0.72 support ended with a reaction higher. However, XRP/USD likely will set a higher low before heading to test the $0.78 resistance.

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