Ripple price analysis is bearish today as we saw another test of upside result in a rejection. Therefore, XRP/USD is not yet ready to move higher, likely resulting in another push lower later today.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum are up by 0.36 and 3.53 percent, respectively. Meanwhile, Crypto.com Coin (CRO) continues to dominate the market, with a gain of over 20 percent.
Ripple price movement in the last 24 hours: Ripple moves lower after rejecting upside
XRP/USD traded in a range of $1.02 – $1.07, indicating mild volatility over the last 24 hours. Trading volume has increased by 14.36 percent, totaling $3.16 billion, while the total market cap trades around $49.1 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to break below $1.02?
On the 4-hour chart, we can see bearish momentum strong this morning for the Ripple price action, likely leading to a break lower later today.
Ripple price action has seen a continuous decline over the past weeks. After a new major high was set at $1.35 on the 10th of November, a sharp reversal followed, leading to the current lows.
On the 18th of November, the current swing low at $1.02 was reached. After a slight recovery, a lower high was set at $1.1, indicating that further downside will follow.
Early on Monday, the Ripple price returned to the $1.02 low. A breakout did not follow as XRP/USD moved into a consolidation. However, since further lower highs have been set, we expect XRP to break lower over the next days.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we saw upside rejected overnight, leading back below $1.06 mark. Likely XRP/USD will continue even lower today, with the $1.02 support being the mark to break.
While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.