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Ripple Price Analysis: The $0.85 level rejects probable upside on the XRP daily chart

Analytics

www.cryptopolitan.com 07 December 2021 04:42, UTC
  
Reading time: ~2 m

  • Ripple price analysis is bearish today.
  • XRP/USD recovered 44 percent from the previous low.
  • Resistance was found at $0.85 overnight.

Today’s Ripple price analysis is bearish, as we anticipate another test of the downside after a solid retracement back to $0.85. We expect bulls to be depleted once again, resulting in another fall later today, due to XRP/USD’s formation of consolidation overnight.

Ripple Price Analysis: The $0.85 level rejects probable upside on the XRP daily chart 1
Cryptocurrency heat map. Source: Coin360

Updates from the daily Coin360 heatmap shows the entire cryptocurrency market is trading in the green zone. Bitcoin and Ethereum have gained 3.61 and 4.23 percent respectively. Avalanche and Binance Coin are the best gainers with a 24-hour positive change of 9.71 and 7.67 percent respectively. 

Ripple price movement in the last 24 hours: Ripple recovers to $0.85, starts to consolidate

The XRP/USD pair was in a trading range of $0.8181 to $0.8455 throughout the day, reflecting significant volatility over the previous 24 hours. Volume has decreased by 37%, totaling $3.78 billion, while the overall market cap is around $38.74 billion, putting it in the eighth position.

XRP/USD 4-hour chart: XRP looks to test downside today?

On the four-hour chart, we can see that the $0.85 level has prevented further upward movement during the previous hours, most likely leading to a test of downside later today.

Ripple Price Analysis: The $0.85 level rejects probable upside on the XRP daily chart 2
XRP/USD 4-hour chart. Source: TradingView

Ripple’s price has been dropping steadily for weeks. The previous major swing high at $1.35 has been retraced over 55% to the $0.59 low, suggesting a possible reversal soon.

The overall market structure, on the other hand, remains bearish as we witnessed a strong drop on Friday. Yesterday’s support at $0.59 offered solid backing, resulting in a rapid rejection higher.

After the $0.85 support proved insufficient, Ripple’s price action rallied over 40 percent during the day. Overnight, XRP/USD consolidated, suggesting that we may see a move back to the downside in the near future.

Ripple Price Analysis: Conclusion 

The Ripple price is bearish today, as the $0.85 slow down the recovery. As a result, XRP/USD is likely to attempt to test the downside again, which may lead to a new low set.

While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.


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