Ripple Price Analysis: XRP tests downside again, $1.04 previous low still holds
- Ripple price analysis is bearish today.
- XRP/USD saw a slow decline overnight.
- The previous low at $1.04 still holds.
Ripple price analysis is bearish today as we expect a further test of downside to follow later. Therefore, we might see XRP/USD continue lower to test the current low at $1.04.
The cryptocurrency market continued to trade with a bearish momentum over the last 24 hours. Bitcoin lost 1.23 percent, while Ethereum 2.17 percent. Meanwhile, Binance Coin (BNB) is among the worst performers, with a loss of 5.32 percent.
Ripple price movement in the last 24 hours: Ripple declines again after the $1.10 mark offered resistance
XRP/USD traded in a range of $1.05 – $1.12, indicating low volatility over the last 24 hours. Trading volume has increased by 18.77 percent and totals $4.44 billion, while the total market cap trades around $50.9 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP to test $1.04 low next?
On the 4-hour chart, we can see Ripple price slowly declining overnight, likely leading to a test of previous low later today.
Ripple price action has seen bearish momentum return over the past days. After a strong rally early last week, a new higher high was initially set at $1.30. After some consolidation, a spike higher took XRP/USD to $1.35.
From there, a strong reaction lower followed as Ripple spiked to $1.12 in a couple of hours. The market saw consolidation in an increasingly tighter range for several days until the $1.22 mark reversed XRP in a major way again.
Another drop followed on Monday, leading to a strong lower low set at $1.04. After a slight reaction higher yesterday, bearish momentum returned overnight, slowly moving Ripple price lower towards the previous low.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as bearish momentum will likely continue until the previous low at $1.04 is reached. Therefore, XRP/USD still has room to decline before a lower low is set.
While waiting for Ripple to move further, read our guides on eToro vs Coinbase, How to mine Ripple Classic, and Ripple vs Cardano.
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