Ripple Price Analysis: XRP retests support at $1.16, will it hold?
- Ripple price analysis is bearish today.
- XRP/USD tests $1.16 support again.
- Ripple is likely to break lower.
Ripple price analysis is bearish today as we can expect further downside after a strong rally earlier this week. Therefore, the $1.16 support likely will break, leading XRP/USD to a deeper retracement.
The cryptocurrency market traded mostly in the red as the market leaders, Bitcoin and Ethereum, tanked with a loss of 0.52 and 0.89 percent. Meanwhile, Binance Coin (BNB) moved counter to the market, with a gain of around 8.5 percent.
Ripple price movement in the last 24 hours: Ripple fails to breach $1.16, moves for another test today
XRP/USD traded in a range of $1.17 – $1.22, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 30.4 percent and totals $3.89 billion, while the total market capitalization trades around $55 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to test further downside?
On the 4-hour chart, we can see the Ripple price action testing the $1.16 support again with strong bearish momentum, likely leading to a break lower today.
Ripple price action has seen a strong bullish momentum return over the past week. After a strong spike lower on the 27th of October, XRP/USD saw a sharp recovery and a consolidation above $1.07 at the end of October.
A strong rally on the 2nd of October followed, leading XRP/USD to $1.25 by the 4th of November. Since the previous highs were clearly broken, the overall market momentum has become increasingly more bullish.
However, a retracement is needed before we can see the Ripple price set further highs. Therefore, retracement is required, with the $1.16 mark likely not enough for a new higher low set. XRP/USD will probably move even deeper, with the $1.10 mark as the next target to the downside.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect further downside below the $1.16 support. Likely XRP/USD needs to retrace even further before more upside can be seen next week.
While waiting for Ripple to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.
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