Ripple Price Analysis: XRP continued to consolidate, set to retest the $1.05 support?
2 min readTL;DR Breakdown
- Ripple price analysis is bearish for today.
- XRP/USD continued to slowly decline over the last 24 hours.
- Closest support for Ripple at $1.05.
Ripple price analysis is bearish for today as the market declines from the $1.20 local swing high set on Friday. Therefore, we expect XRP/USD to see further downside later today and look to retest the $1.05 previous swing low.
The cryptocurrency market mainly traded in the red over the last 24 hours, with the market leader, BTC, down by 1.58 percent. Meanwhile, ETH is among the best performers, with a gain of 5 percent, while Polkadot has spiked by more than 17 percent.
Ripple price movement in the last 24 hours: Ripple continues to retrace
XRP/USD traded in a range of $1.09 – $1.15, indicating low volatility over the last 24 hours. Trading volume totals $4,14 billion and is up by 24.21 percent. Meanwhile, the total market capitalization trades around $53 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP targets the $1.05 support next?
On the 4-hour chart, we can see the Ripple price continuing to decline after another lower high was set on Friday.
Ripple price action has seen a strong advance over the past weeks. After finding support around $0.52 on the 20th of July, XRP/USD rallied by more than 150 percent until resistance was found at $1.35.
From there, Ripple rapidly declined to the $1.05 mark, where a higher low was set. After a slight rally, the support was retested again on Thursday, with another slight rally following to the $1.20 mark.
From the $1.20 resistance, the Ripple price started to decline once again and has so far reached the $1.10 mark. Overall, we expect this bearish price action momentum to continue over the next 24 hours, likely leading XRP towards a retest of the $1.05 support.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish for today as the market declined from the $1.20 resistance, which prevented further upside on Friday. Therefore, we expect XRP/USD to continue lower today and look to retest the $1.05 support next.
While waiting for Ripple to move further, read our articles on Wrapped BTC, Decentralized Exchanges, as well as NFT Marketplace.
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