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- Ripple price analysis is bearish today.
- XRP/USD is currently trading $1.11.
- Selling pressure has returned this morning.
Ripple‘s price is down today, as the upside was rejected around $1.16 overnight after a fast spike higher. As a result, XRP/USD should continue to fall further today, perhaps setting another low near that level.
Ripple price movement in the last 24 hours: Ripple rejects upside at $1.16, returns towards previous low
XRP/USD traded in a range of $1.07 – $1.16, indicating strong volatility over the last 24 hours. The buyers attempted to break out of this range but were soon forced to accept selling pressure.
The Bollinger bands are now contracting, suggesting that we may soon see a sharp move in either direction.
As shown by the chart and technical indicators, and our Ripple Price Prediction, this bearish pressure is confirmed by the 5-day moving average (MA), which recently crossed below the 21-day MA – an indication that bears are taking over the market; we think that XRP will continue its decline towards $1 while maintaining its current volatility.
For now, though, we remain bearish, believing that the downside momentum will continue in the short term before any news-related events have a chance to change the trend.
The 5-day MA recently crossed below the 21-day MA, indicating that bears are taking over the market. In addition, the Bollinger bands are contracting, suggesting that we may see a sharp move very soon either to scratch out some profits from current levels or create another lower low.
XRP/USD 4-hour chart: XRP to test previous lows?
We see a bearish trend return to Ripple price action on the hourly chart as the upside was rejected overnight.
After a strong start to November, the Ripple price appears to be losing momentum once again. On the 10th of November, a solid higher high was established at $1.35, reversing market momentum with a sharp drop to $1.115 just hours later.
Since then, XRP/USD has continued to trade in a range of $0.19 – $1.47, with the most recent high at around $1.16 on Wednesday (20th of November). However, today’s early morning activity indicates selling predominating over buying pressure after the price reversed sharply lower towards our first support level at around $0.80. This low is confirmed by the hourly chart, which shows that resistance was established at this level successfully yesterday evening.
XRP/USD moved lower today, setting up the Ripple price action for an increase. The surge began during the night, rapidly reaching $1.16 previous support before turning bearish. XRP/USD has continued to decrease throughout the day, most likely resulting in a retest of previous lows later today.
Ripple Price Analysis: Conclusion
Ripple’s price trend is bearish today, as the $1.16 level halted further rise overnight, pushing XRP back toward previous lows. As a result, XRP/USD is expected to descend even further, perhaps establishing a new low near $0.80 in the coming 24 hours.
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