Ripple price analysis is bearish today.XRP/USD spiked higher overnight.Resistance around $0.76 is currently tested.
Ripple price analysis is bearish today as we expect a reversal to follow after the market moved into a strong resistance area around $0.76-$0.77. Likely rejection will be seen, leading XRP/USD to retrace and set another local higher low.
Cryptocurrency heat map. Source: Coin360
The overall market has posted substantial gains over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 9.44 and 6.85 percent, respectively. Ripple (XRP) follows closely with almost 7 percent again.
Ripple price movement in the last 24 hours: Ripple pushed higher, finds resistance around $0.77
XRP/USD traded in a range of $0.7172 – $0.7699, indicating strong volatility. Trading volume increased by 5 percent, totaling $2.37 billion, while the total market cap trades around $36.6 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP begins to reject further upside
On the 4-hour chart, we can see resistance likely found around $0.77 as the Ripple price fails to reach further upside.
XRP/USD 4-hour chart. Source: TradingView
Ripple price has seen a steady decline turn into consolidation over the past week. After a sharp drop to $0.7 at the beginning of the month, XRP/USD set a clear lower high at $0.76 as a follow-up reaction higher.
From there, bears slowly pushed the market lower, resulting in another retest of $0.70 support. However, since further downside could not be achieved, a strong sign of potential reversal was set over the weekend.
After further consolidation yesterday, the Ripple price finally broke higher overnight, quickly reaching above $0.76 previous high. Therefore, a slightly higher high has been set, indicating reversal back to the upside should follow.
For now, we expect another retracement as bulls are exhausted, and signs of rejection are seen at the current price levels. Ripple should see more upside reached next week if another higher low is set.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as the market has rallied into a strong resistance area. Likely bulls are exhausted once again, meaning another retracement will follow over the next 24 hours.