- Ripple price analysis is bearish.
- XRP/USD continued to decline overnight.
- Closest support at $1.01
Ripple price analysis is bearish today as bears pushed the market price below $1.10 support after a brief test of upside. Therefore, we expect XRP/USD to see further downside later today.
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, declined by 4.73 and 1.06 percent, respectively. Meanwhile, Binance Coin (BNB) is among the top performers, with a gain of almost 14 percent.
Ripple price movement in the last 24 hours: Ripple continues to retrace
XRP/USD traded in a range of $1.07 – $1.13, indicating mild volatility over the last 24 hours. Trading volume has declined by 2.36 percent and totals #.87 billion, while the total market cap trades around $50.45 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP to reach further downside today?
On the 4-hour chart, we can see Ripple price being taken over by bearish momentum over the past hours, likely leading to more downside today.
Ripple price action saw strong bullish momentum during the start of October. From the previous low of around $0.90 to the new swing high at $1.23, a gain of almost 40 percent was seen in a little over a week.
However, on the 10th of October, bullish momentum ended. In a strong move to the downside, bears took XRP/USD towards the previous local swing high at $1.10. What followed was a consolidation around the support yesterday.
Earlier today, a slight reaction higher was seen to $1.12, indicating bulls regaining control. However, a sharp spike lower was seen again over the past hours, suggesting that we could see further downside later today.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as more downside has been seen over the past hours after a slight reaction from $1.10 support. Therefore, we expect XRP/USD to continue lower over the next 24 hours.
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