TL;DR Breakdown
Ripple price analysis is bearish today.
XRP/USD saw a strong advance yesterday.
Closest resistance at $1.18.
Ripple price analysis is bearish today as further upside was rejected overnight after strong rally to $1.16 yesterday. Therefore, we expect XRP/USD to reverse over the next 24 hours and look to test the previous support at $1.06 later this week.
Cryptocurrency heat map. Source: Coin360
The overall market traded with strong bullish momentum over the last 24 hours. The market leader, Bitcoin gained 3.73 percent, while Ethereum more than 9 percent. Meanwhile, Solana (SOL) is the top performer, with a gain of almost 22 percent.
Ripple price movement in the last 24 hours: Ripple rapidly moves to $1.16
XRP/USD traded in a range of $1.10 – $1.16, indicating strong volatility over the last 24 hours. Trading volume has increased by 38.11 percent and totals $3.78 billion, while the total market cap trades around $53.9 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP to reverse from $1.16?
On the 4-hour chart, we can see Ripple price action rejecting further upside, indicating a retracement will follow over the next 24 hours.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen a strong advance over the past weeks. After a strong spike higher on 1st of October, further upside followed to $1.10 initially, and, after another spike higher on 9th of October, to $1.23.
However, since then, XRP/USD has retraced to $1.066 and attempted to rally further. Resistance was found at $1.18 on the 16th of October, leading Ripple back to $1.066 support.
After a slight consolidation earlier this week, the Ripple price action saw bulls push the market higher again yesterday. This time only the $1.16 mark could be reached before selling pressure began. Therefore, we expect XRP/USD to retrace lower again over the next 24 hours.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for the next 24 hours as further upside saw rejection above $1.16. Therefore, we expect XRP/USD to retrace over the next 24 hours.
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