Ripple price analysis is bearish today.
XRP/USD rallied back towards previous support levels.
Rejection for further upside was seen yesterday.
Ripple price analysis is bearish today as the previous support area around $1.07 will likely now act as a resistance. Therefore, we expect XRP/USD to move lower again later today.
Cryptocurrency heat map. Source: Coin360
The overall market traded in the green over the last 24 hours. Bitcoin gained 2.62 percent, while Ethereum 7.29 percent. Meanwhile, Dogecoin was among the worst performers, with a loss of 11 percent.
Ripple price movement in the last 24 hours: Ripple retests previous support as resistance around $1.07
XRP/USD traded in a range of $1.04 – $1.09, indicating mild volatility over the last 24 hours. Trading volume has declined by 30.85 percent and totals $4.84 billion, while the total market cap trades around 49.9 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP set to reverse lower again?
On the 4-hour chart, we can see Ripple price action rejecting further upside, likely leading to another drop lower later today.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen bearish momentum return over the second half of October. After a strong rally to $1.23 at the beginning of the month, bullish momentum was exhausted.
What followed was a drop to the 1.07 mark, which prevented further downside for several weeks. However, XRP/USD continued to set increasingly lower highs, eventually leading to a break lower.
On the 27th of October, the Ripple price swiftly declined to $0.95. Recovery was seen yesterday, leading to a retest of the previous support area as resistance. Therefore, we expect XRP/USD to move lower again later today as a clear lower high has been set.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as rejection for further upside has been seen near the previous support levels. Therefore, we expect XRP/USD will move lower later today as another lower high has been set.
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