- Ripple price analysis is bearish today.
- XRP/USD saw upside rejected again.
- XRP/USD is currently trading at 0.84.
Ripple price analysis is bearish today because another attempt to go higher was thwarted at the $0.85 resistance. As a result, XRP/USD will likely lower later today and test further lows.
As we can see on the 4-hour chart, Ripple has been stuck in a range between $0.85 and $0.74 for about 18 days now. During this period, its price neither went above nor below those levels significantly. Volumes have decreased, so no interest is driving prices to move either higher or lower right now.
XRP/USD saw another attempt to go above the resistance at $0.84 today (marked by arrow) but was rejected at highs of the day and may drop back again to those lows before it’s able to find any significant support.
The closest resistance is at $0.843 (50% Fibonacci retracement) and should be where we see the highest volumes during the day. Support below that level is seen at $0.81 and could result in a sharp drop below there should prices attempt to move lower later on. The next level of interest for XRP buyers at $0.77, which was yesterday’s low for XRP/USD before it moved higher again.
On the other hand, XRP/USD could consolidate between support at $0.81 and resistance at $0.843 for some time should there not be any significant uptrend initiating later on today or tomorrow as well due to lack of interest in either direction right now.
Ripple price analysis for XRP/USD may soon change if XRP enters into a new trading range or breaks out of it later on. If that happens, we will do our best to keep you updated with any changes in Ripple’s technical picture as well as news related to the coin.
Bitcoin is trading in a narrow range today, while most other cryptos are flat or have decreasing volume. This makes XRP/USD the prime candidate to attempt another pushdown. Another leg lower would result in widening spreads between bitcoin and its altcoins markets gave all of them follow BTC movements pretty closely at the moment.
XRP/USD 4-hour chart: XRP rejects $0.85 resistance again
On the 4-hour chart, we can observe another rejection for the Ripple price this morning, resulting in a quick push higher.
The price of Ripple has been moving in a bearish trend this week. After a remarkable advance earlier in December, a strong swing top was established at $1.02 on the 23rd of December.
Bulls could not keep the advance going, resulting in a rapid decline to $0.90 the next day. The following consolidation came over the weekend, with a minor attempt at higher prices of $0.95, where rejection for advancement was noted.
The Ripple price fell further over the days that followed. Yesterday, $0.85 was supported, resulting in a reaction higher to $0.85. Since XRP/USD has failed to raise any higher, we anticipate another plunge over the next few days.
Ripple Price Analysis: Conclusion
The Ripple price is bearish today, as we anticipate another surge following a quick spike to test the $0.85 resistance again. Next, XRP/USD is likely to proceed towards the $0.81 support.