XRP/USD Price Prediction: Ripple points towards the $1.01 support

TL;DR Breakdown

• XRP/USD price prediction is bearish today.
• XRP/USD failed to break new highs overnight.
• Bearish momentum has returned today.

Ripple Price Prediction: General price overview

Ripple price prediction is bearish today, as the previous swing high was rejected overnight, reversing the price. As a result, we anticipate XRP/USD to backtrack and look for support at $1.01.

Ripple price prediction is bearish today, as the previous swing high has been rejected at $1.20 – What next? We may see XRP/USD retrace slightly before moving atop the current resistance provided by our short-term trend line and descending channel to reach the next resistance level at $1.20.

Any significant bearish pressure can bring price action down to find initial support around $0.9613, where it will remain supported for now due to its location near our short term .382 Fibonacci Retracement level (drawn in red) priced at $0.9613.

Ripple trading volumes are currently up by 27 percent, adding the total to $2.0 billion. Meanwhile, the market capitalization is $50 billion, ranking the coin 6th in the overall cryptocurrency market.

XRP/USD price movement in the last 24 hours: Bullish signals

Looking at the chart, we can see that yesterday’s price action reached a high of $1.20 and began to correct downwards. We can see that XRP/USD fell into the support provided by the short-term .382 Fibonacci Retracement level (drawn in red), priced at $0.9613.

As the market fell, it is likely that some investors jumped in and started to sell XRP, causing price action to fall further until finding support at the .5 Fibonacci Retracement level (drawn in red) priced at $0.8792.

From here, we can see that the market rebounded slightly but could not break above the previous resistance at $1.20 and has since rolled over on the short-term downside. Now trading at support provided by the short term .5 Fibonacci Retracement level (drawn in red) priced at $0.9584, we can expect XRP/USD to trade sideways for the time being.

As price action has approached support, we can expect traders who are short on XRP/USD to have added to their positions since the price is now trading at a strong support level. This may cause some initial resistance as the market approaches this downward sloping trendline. If the sellers continue to press their luck, the market will be highly susceptible to falling below this level.

If XRP/USD can break back above the short term .618 Fibonacci Retracement level (drawn in red) priced at $0.9812, we expect it to trade further up towards the previous swing high at $1.20, where it will encounter more resistance closer to $1.0745.

Four-hour XRP chart: Ripple in promising signals

XRP/USD 4-hour chart. Source: TradingView

Ripple’s price has been trading within a strong uptrend, and the current trend is testing yearly highs of $1. Ripple recently broke through the 100-day moving average, which has triggered a positive signal for Ripple.

Conversely, if XRP/USD fails to break resistance and continues to fall through support at $0.8792, it will indicate that the previous bullish momentum has faded. We may expect price action to continue even lower to $0.80 – $0.772, where it will remain supported due to its location near the .618 Fibonacci Retracement level (drawn in red) priced at $0.7745.

At this moment in time, our strategy is to remain neutral and monitor the upcoming market action and trade signals that are likely to appear for XRP/USD.

XRP/USD price prediction: Conclusion 

XRP/USD has been bullish over the past couple of weeks since its initial breakthrough, the 100-day moving average. Price action is now approaching a critical resistance level, which will likely trigger further bearish movement if it fails to hold above this point.  We expect XRP to retrace in the next 24 hours.

AS you wait for Ripple to retrace, read our Ethereum price analysis.