Today’s Ripple price analysis is bearish, as the price rejection extended further up, proving that bulls are exhausted. As a result, we anticipate XRP/USD to reverse course over the next 24 hours and remount the $0.97 supports before attempting another test of the $1.00 level.
Ripple price movement in the last 24 hours: Ripple still consolidates around $1.05
Ripple price movement in the last 30 days: Still consolidating before an eventual break above $1.00 levels or a subsequent degradation below this region.
XRP/USD still consolidates near the current prices before attempting an upward move again. Trading volumes are starting to dry out from yesterday’s trading sessions and show no sign of increase. The 100 EMA line still indicates a slight uptrend, which is encouraging for bulls aiming to make another attempt at pushing XRP/USD prices higher.
The chart above shows that the Ripple price movement started to become more and more neutral over the past few days, with the RSI equally flattening out around the 40 level. This implies that Ripple price volatility is likely to increase in the coming sessions. XRP/USD attempts to break above the $1.05 levels or below them at $0.9733 before attempting a move above $1.00 again.
The current technical pattern of the charts point toward a further retrace at Ripple prices back down to $0.9733 levels before attempting a move above $1 again, although this may take a few more days or even weeks before being realized.
XRP/USD 4-hour chart: XRP to retrace early next week?
On the 4-hour chart, we can see the Ripple price action rejecting further upside again, indicating an upcoming several-day retracement.
A bearish scenario could see Ripple price retest of $0.90 levels again before attempting to move above $1.00 once more. However, this would likely be after an even larger downside movement which will push XRP/USD back into the $0.80 level.
Before this bearish momentum has dissipated, Ripple price volatility is likely to increase quite a bit, as bulls and bears duke it out for control of the market.
A break above $1.05 levels would be a stronger indicator that this trend is reversing course.
We expect XRP/USD prices to overly retrace towards the end of next week with no major moves either way before attempting another leg up.
Although it is still too early to tell if this has been a valid trend reversal, our price analysis indicates that the near-term baring momentum is still pointing down.
Our bearish outlook on the Ripple price is beginning to materialize as XRP/USD failed to continue higher above $1.05 levels following a rejection of these prices during the early Asian trading session on Monday. Our expectations have been based mainly on this technical failure, so it is no surprise to see XRP/USD price action begin to turn around from this zone.
Ripple Price Analysis: Conclusion
XRP/USD is currently consolidating around $1.05, after a modest breakout early last week, before attempting to advance further upwards during the early Asian trading session on Monday. So far, this has been driven back, and we believe XRP/USD will decline towards the next support level at $0.9733 over the following days.
Disclaimer. The information provided is not trading advice. We holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
