Ripple price analysis is bearish today.XRP/USD saw further upside overnight.Consolidation formed around $0.82.
Ripple price analysis is bearish today as we expect another pullback after a strong break above $0.80 previous resistance. However, once another local higher low is set, XRP/USD should see a lot more upside next week.
Cryptocurrency heat map. Source: Coin360
The market has seen mostly bullish momentum continue over the last 24 hours. The leader, Bitcoin, gained 0.51 percent, while Ethereum lost just 0.11 percent. Ripple (XRP) has also advanced, with a gain of 0.26 percent.
Ripple price movement in the last 24 hours: Ripple gains 6 percent, finds resistance around $0.825
XRP/USD traded in a range of $0.8104 – $0.8252, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 20.34 percent, totaling $1.7 billion, while the total market cap trades around $39.16 billion, resulting in a market rank of 6th place.
XRP/USD 4-hour chart: XRP ready to retrace?
On the 4-hour chart, we can see the Ripple price action looking to reverse as bulls are exhausted after strong push higher yesterday.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has continued to advance with a series of higher lows over the past weeks. After a strong spike higher to $0.85 on the 11th of March, XRP/USD established the last major swing low around $0.75 and the several-week ascending trendline.
Bulls started to push XRP/USD higher during the middle of this week, leading to the $0.80 mark rather quickly. Rejection for further upside was seen initially, leading to a spike lower before the $0.80 mark was retested.
However, after the market calmed down and formed a higher local low at $0.78 on the 18th of March, another rally began later in the day. The resistance was finally broken early yesterday, quickly leading to a new local high at $0.825.
Since then, the Ripple price action has steadily declined, likely as another local higher low needs to be established before the rally continues. The likely target for retracement is the $0.80 mark, as it previously served as strong resistance.
Ripple price analysis: Conclusion
Ripple price analysis is bearish today as we expect retracement to follow as resistance has been found around $0.825. Likely the $0.80 previous resistance will be retested as support before further upside is achieved.