cryptopolitan.com
- Ripple price analysis is bullish today.
- XRP/USD saw further decline overnight.
- The market reversed around $0.90 this morning.
Ripple price analysis is bullish today as we expect a recovery to follow after another spike lower to the $0.90 mark. Therefore, we expect bears are finally exhausted, leading XRP/USD to a strong retracement over the next 24 hours.
The crypto market saw a further decline over the last 24 hours. Bitcoin lost 0.6 percent, while Ethereum 1.15 percent. Meanwhile, Terra (LUNA) is the top performer, with a gain of over 6 percent.
Ripple price movement in the last 24 hours: Ripple drops below $0.90, rejects further downside this morning
XRP/USD traded in a range of $0.8993 – $0.9624, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24.89 percent, totaling 2.318 billion, while the total market cap trades around $44 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to recover back above $0.97
On the 4-hour chart, we can see bullish momentum returning for the Ripple price this morning as bears are exhausted after the final push lower.
Ripple price has seen further downside this week. As a continuation of the several-week bearish momentum, started on the 10th of November after a spike to $1.35, we have seen further lower lows set for most of November.
After reaching the $1.02 mark last week, Ripple did form a consolidation in an increasingly tighter range. However, a break lower followed on Friday, pushing XRP to $0.915.
Slight consolidation was formed early yesterday, retracing to $0.97. Bearish momentum returned later in the day, leading the Ripple price action to break the previous low and reach $0.884 before reversal.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we expect further recovery after another quick spike lower overnight. Likely XRP/USD is now ready for a much more substantial retracement, leading above $0.97 local resistance.
While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.