Ripple Price Analysis: XRP/USD Bearish For The Next 24 Hours

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TL;DR Breakdown

Ripple price analysis is bearish today.
XRP/USD saw further upside overnight.
Consolidation formed around $0.82.

Today’s Ripple price analysis is bearish as the market needs to close below $0.823 to confirm a bearish reversal.

The altcoin market has been on fire over the past few days, but Ripple’s XRP has been lagging behind its peers. After yesterday’s mini-rally, XRP/USD faced rejection at $0.85 and pulled back towards $0.82. The buyers have so far failed to push the price above this level, which suggests that they are losing steam.

If the bears can push the price below $0.823, it would confirm a bearish reversal and open the door for a move towards $0.80. On the other hand, if the bulls can push the price above $0.85, it would invalidate the bearish setup and could lead to a rally towards $0.90.

Ripple’s XRP has been lagging behind its peers in the altcoin market over the past few days. After yesterday’s mini-rally, XRP/USD faced rejection at $0.85 and pulled back towards $0.82. The buyers have so far failed to push the price above this level, which suggests that they are losing steam.

If the bears can push the price below $0.823, would confirm a bearish reversal and open the door for a move towards $0.80. On the other hand, if the bulls can push the price above $0.85, it would invalidate the bearish setup and could lead to a rally towards $0.90.

Ripple price movement in the last 24 hours: Ripple gains 6 percent, finds resistance around $0.825

XRP/USD has had a good day today, gaining 6 percent and reaching as high as $0.825 before finding resistance and pulling back slightly. At the time of writing, the Ripple price is currently trading at $0.816, up 6 percent from the same time yesterday.

Ripple’s XRP token has seen some positive price action in the last 24 hours, gaining 6 percent and reaching as high as $0.825 before finding resistance and pulling back slightly. At the time of writing, the Ripple price is currently trading at $0.816, up 6 percent from the same time yesterday.

Ripple price analysis is bullish today as we anticipate another breakout after a strong break above $0.80 resistance. Once another local higher low is set, XRP/USD should have a lot more upside next week.

XRP/USD 4-hour chart: XRP ready to retrace?

On the 4-hour chart, we can see that the Ripple price is attempting to turn back as bulls are weary from a strong advance yesterday.

Ripple price analysis: XRP/USD bearish for the next 24 hours 1 — XRP/USD 4-hour chart. Source: TradingView

Ripple’s price has continued to rise, with a succession of higher lows over the last weeks. After an impressive surge to $0.85 on the 11th of March, XRP/USD established the previous significant swing low around $0.75, along with the several-week ascending trendline.

The bulls accelerated XRP/USD’s ascent during the mid-section of this week, reaching the $0.80 level rather swiftly. Early rejection for further advances was followed by a tumble before the $0.80 barrier was revisited.

However, following the market’s quieting and formation of a higher local low at $0.78 on the 18th of March, another uptrend started later in the day. The resistance was finally broken early this morning, quickly resulting in a new local high at $0.825.

Ripple price analysis: Conclusion

Ripple price analysis suggests that the bulls are losing momentum today, as we anticipate a retrace after resistance was broken at $0.825. Before more gains can be made, support near $0.80 will most likely be tested once again.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

Time Stamp: March 21, 2022