AnalysisCrypto

Ripple Price Analysis: XRP/USD is bearish for the next 24 hours

  • Ripple price analysis is bearish.
  • XRP/USD is currently trading at $0.8240.
  • Selling pressure has returned.

Today’s Ripple price analysis is bearish, as we anticipate another drop to follow after the previous high of $0.82 was broken over the past 24 hours. XRP/USD has already begun to fall, implying that a new lower low will be set tomorrow.

There are currently no signs that will allow for a re-entering of the market, with the most recent rise in XRP/USD being an immediate result of Bitcoin‘s sudden price surge, which has now begun to subside.

The price action during this period implies that we will continue to see an uptrend towards $0.35 and then hopefully far lower soon (before it corrects itself and finds its footing).

This was an early sign of what is yet to come, as there are now signs of bearish exhaustion after breaking through the resistance at $0.82.

Ripple price analysis is bearish, as we anticipate another drop to follow after the previous high of $0.82 was broken over the past 24 hours.

XRP/USD has already begun to fall, implying that a new lower low will be set tomorrow. Selling pressure has started to build up again, reversing yesterday’s small price recovery.

There are currently no signs that will allow for a re-entering of the market, with the most recent rise in XRP/USD being an immediate result of Bitcoin’s sudden price surge, which has now begun to subside. The price action during this period implies that we will continue to see an uptrend towards $0.35 and then hopefully far lower soon (before it corrects itself and finds its footing).

XRP/USD 4-hour chart: XRP heading lower again

On the hourly chart, we can observe that bearish momentum has been returning for Ripple prices over the past few hours, which may lead to additional downside testing later today.

Ripple Price Analysis: XRP/USD is bearish for the next 24 hours 1
XRP/USD 4-hour chart. Source: TradingView

Following a brand-new swing high of $0.93 on the 9th of December, Ripple price action has been declining for about a week now. XRP/USD dropped fast to $0.80, establishing a local low and confirming the return of bearish momentum after that.

The price of Ripple briefly dipped to $0.8 on Saturday, when it set a new low for the year and another day’s losses lowered the previous low. Monday’s drop brought the price back down to $0.82, where it remained yesterday. Since then, XRP has retraced modestly before beginning an ascent that continues today at around $0.82 per unit.

We anticipate another decrease in the XRP price. Overnight, Ripple prices consolidated below the resistance that had been broken. Throughout the day, selling pressure gradually returned, bringing XRP/USD near its previous low. As a result, we believe that another drop is expected over the following 24 hours as bears continue to dominate the market.

Ripple Price Analysis: Conclusion 

Today’s Ripple price analysis is negative because we saw another lower high established at $0.82. Since then, XRP/USD has fallen back over the previous hours, indicating that a new lower low should be produced in the next 24 hours.

Source: cryptopolitan.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button