- Ripple price analysis suggests further downwards movement to the $0.800 mark
- XRP faces resistance at the $1.10 mark
- The closest support level lies at $0.900 mark
The Ripple price analysis shows that the bears dominate the asset’s price action as XRP observes a downwards breakout from the consolidation channel. However, despite observing a 15 percent drop, the bearish pressure has not declined but shows further downwards movement for the price action.
The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include Elrond and EOS recording a 6.89 and a 6.42 percent decline respectively.
Ripple price analysis: Bears dominate the market
Across the technical indicators, the MACD is currently bearish as exhibited by the red histogram showing seller dominance at press time. The indicator observed a bearish crossover three days ago and has remained red since. The last 12 hours have observed a strong increase in the bearish momentum as XRP observed a downwards breakout below the $1.00 mark.
The EMAs are currently moving downwards showing strong selling activity in the markets. The 12-EMA is currently moving with a steeper slope suggesting further divergence from the 26-EMA.
The RSI has remained neutral for the last ten days since briefly dipping to the overbought region on September 7. However, today the indicator sived into the oversold region below the 30.00 index unit marks. Furthermore, the indicator continues moving downwards showing strong bearish momentum at press time. However, the RSI issues a buy signal showing support to the bulls across the charts.
The Bollinger Bands were narrow until today when they showed strong divergence suggesting a spike in XRP volatility. Currently, the price is trading outside the bands suggesting further expansion in the downwards direction suggesting cotninued high volatility for the Ripple price across the short term charts.
Technical analysis for XRP/USDT
Overall, the 4-hour Ripple price analysis issues a sell signal with 14 of the 26 major technical indicators suggesting a downwards movement for XRP across the timeframe. On the other hand, only five of the indicators issue support for the bulls suggesting little to no buyer activity in the markets. At the same time, seven indicators remain neutral and do not issue support for either side of the market.
The 24-hour Ripple price analysis shares this sentiment and shows 15 indicators suggesting support for the bears against only two indicators suggesting an upwards movement. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time. The analyses’ negative sentiment suggests that XRP may observe a downwards breakout from the channel.
What to expect from the Ripple price analysis?
The Ripple price analysis suggests further downwards movement for the asset as the bearish pressure shows no signs of fading. The closest support level lies at $0.900 but the technical analyses suggest a drop to the $0.800 mark before the selling pressure subsides.
Ripple Price Analysis: XRP still holds above $1.02, break lower to follow today?
- Ripple price analysis is bearish today.
- XRP/USD saw another lower high set overnight.
- $1.02 support currently tested again.
Ripple price analysis is bearish today as we expect the $1.02 support to finally break after another lower high was set yesterday. Therefore, XRP/USD should set another lower high later today and continue the several-week decline.
The cryptocurrency market has moved with mixed results over the last 24 hours. Bitcoin gained 1.39 percent, while Ethereum lost 0.46 percent. Meanwhile, Ripple (XRP) trades with a loss of 1.82 percent, together with most of the top altcoins.
Ripple price movement in the last 24 hours: Ripple sets lower high after failing to break $1.02
XRP/USD traded in a range of $1.01 – $1.05, indicating low volatility over the last 24 hours. Trading volume has declined by 3.62 percent, totaling $3.06 billion, while the total market cap trades around $48.33 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP prepares to test $1.02 again
On the 4-hour chart, we can see the Ripple price action pushing lower again, likely leading to a breakout this time as a clear lower high was set overnight.
Ripple price action has seen bearish momentum continue to dominate so far this week, despite the $1.02 mark preventing further downside. Since the last major swing high at $1.35, XRP/USD has retraced around 25 percent.
The $1.02 support was initially reached on the 18th of November, with further lower highs set over the following days, indicating bearish momentum still benign in control. On Monday, we saw the support retested, with consolidation forming since.
However, since further lower highs are still being set, we don’t expect a reversal this week. The Ripple price should break lower later today and continue along with the overall several-week bearish trend.
Ripple Price Analysis: Conclusion
Ripple price analysis is bearish today as we expect the $1.02 support to finally get broken after a series of lower highs were set over the past week. Likely XRP/USD has built up enough selling pressure to set a strong lower low over the next 24 hours.
While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
Ripple Prices inside a Bull Flag, Will XRP/USD shake Sellers and Break above $1.40?
Still, in the ongoing case, the court ordered the blockchain firm to submit its records relating to the marketing and sale of XRP.
The SEC, which according to observers is one of the most important litigation cases against a blockchain company that may be subsequential to the whole space, may find support.
The lawsuit would be a precedent-setting court case that’s rightly being tracked by law experts and other regulators across the globe.
Ripple has a global reach and is operational in many regions boasting high-profile partnerships with central banks.
The SEC-Ripple Court Case and the Launch of the Ripple Liquidity Hub
Although the On-Demand Liquidity (ODL) product isn’t as adopted, payment processors are integrating them for efficient service delivery and cost reduction.
Therefore, the outcome of the case might shake Ripple’s operations to the core.
If anything, its verdict might shape the regulatory position of cryptocurrencies in the U.S.—which, boxing in the fact that the country is influential, might cause a Domino Effect in other countries. This would either make or break cryptocurrencies, as we know.
Nonetheless, this isn’t preventing them from releasing new products and broadening their base.
For instance, the launch of the Ripple Liquidity Hub to serve enterprises with access to a large stash of cryptocurrencies like BTC, XRP, ETH, among other coins, sets out their intention.
Ripple Price Analysis
The Ripple price is under pressure at the time of writing. As per the XRP/USD price analysis of the daily chart, it is clear that sellers have the upper hand.
Even amid the confidence among Ripple coin holders, prices are trickling lower with decreasing volumes inside a bull flag.
Nonetheless, the uptrend is valid as long as prices are trending inside the wedge and $1.
Technically, a close above $1.20 and $1.40—October 2021 highs—might be the building block for another leg up to $1.90—or better in the days—or weeks to come.
For this uptrend to be valid, buyers need to shake off sellers of November 1.20 and breach the primary resistance trend line. In that likelihood, the XRP price would most likely fly, aligning with buyers of Q3 2021 to $1.90.
Ripple Price Analysis: XRP tests downside again at $1.16, reversal to follow?
- Ripple price analysis is bullish today.
- XRP/USD found support at $1.16.
- Buying pressure slowly returns.
Ripple price analysis is bullish today as a new higher low will likely be established at the $1.16 mark, leading to a reversal. Therefore, we expect XRP/USD to move back above $1.22 and continue higher from there.
The cryptocurrency market traded mostly in the red over the last 24 hours. Market leaders, Bitcoin and Ethereum, declined by 1.86 and 1.55 percent, while Hex (HEX) is the top performer, with a gain of 24 percent.
Ripple price movement in the last 24 hours: Ripple reverses again after consolidating around $1.22
XRP/USD traded in a range of $1.16 – $1.24, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 41.84 percent and totals $4.78 billion, while the total market cap trades around $55.7 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looking to reverse above $1.16?
On the 4-hour chart, we can see previous resistance at $1.16 currently holding the Ripple price action from moving lower, likely resulting in a reversal later today.
Ripple price action has seen strong bullish momentum over the past weeks. After a quick spike to $0.97 on the 27th of October, XRP/USD reversed and broke above the previous resistance area around $1.16.
A new swing high was set at $1.25, with the following retracement setting a strong higher low at $1.10. From there, XRP continued higher over the last weekend, moving to $1.30 at first, and spiking to $1.35 after some retracement.
After a strong higher high was quickly set, a strong reaction lower took the Ripple price to $1.12. XRP/USD strongly rejected further downside, moving into a consolidation around $1.22 yesterday. This morning we see another test of the downside, likely resulting in a higher low set and more upside from there.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as another local higher low currently gets established above $1.16. Therefore, unless we see a further drop, we assume XRP/USD will continue higher later today.