XRP/USD Price Prediction: Ripple is bearish for the next 24 hours

TL;DR Breakdown

• XRP/USD price prediction is bearish today.
• XRP/USD is trading at $1.02.
• The cryptocurrency heat map is in mixed reactions.

XRP/USD Price Prediction: General price overview

Ripple price prediction is in a bearish trend today, as resistance was broken at the previous swing high overnight, canceling the price movement. As a result, we anticipate XRP/USD to retreat once again and look to test the $1.01 support line.

The cryptocurrency heat map is in mixed reactions. The giant assets ETH and BTC are in upward momentum. After the most significant digital asset broke above the $50K resistance level, it has been in upward momentum. Today it has recorded more than 3% price surge while Ether has recorded a slight percentage increase. Most altcoins are trading negatively despite having a bullish day yesterday.

Ripple price movement in the last 24 hours: Ripple fails to breach $1.09 previous high

Ripple (XRP) is one of the top cryptocurrencies by market cap and has been a controversial cryptocurrency since its inception. Ripple/USD is trading in a range of $1.05 to $1.09, showing little price volatility over the last 24 hours. Volume has risen by 7.88 percent and is now worth $3.226 billion. The cryptocurrency has seen a lot of volatility since the start of the year but is now consolidating as negative momentum returns.

The XRP/USD pair is attempting to test the $0.91 support level and break new highs. As mentioned yesterday, if support fails at this level, another selloff may occur towards the $1 mark.

XRP/USD failed to breach the $1.2 mark and has been in a downward momentum since the early hours. At the moment, Ripple is trading at $1.08 after a decrease of about three percent over the past 24 hours. The current market capitalization of the digital currency is $44.7 billion, and its trading volume is $2.08 billion.

4-hour XRP/USD price Prediction chart: Ripple shows bullish signals

Ripple price is currently consolidating in a descending channel, indicating that it will soon retest $1.01 support.

XRP/USD 4-hour chart. Source: TradingView

Ripple’s price is now gaining momentum once again. After a week-long consolidation in a tighter and tighter range, support was established above $0.90.

The service was reevaluated several times by September, culminating in a significant rally on 1st October. XRP/USD eventually rose to $1.09 on 3rd October, with the subsequent retrenchment being maintained at $1.01.

Since then, the Ripple price has steadily climbed higher. XRP/USD approached the $1.09 resistance again overnight, with additional gains not seen. Bulls are exhausted; as a result, we should see XRP retrace back to $1.01 once more.

Ripple Price Prediction: Conclusion 

The price of Ripple has been in a strong upward momentum since the start of October. In the past thirty days, XRP/USD has managed to climb from $0.88 to $1.09, recording a monthly gain of over 30 percent. We anticipate a significant price retreat from the current trading level, which should take the Ripple price back down to $1.01. However, a further retracement below this level is unlikely as this will be a sign of further loss of momentum and can result in a quick retest of $1.09 resistance level.

Read our Bitcoin price prediction and our previous Ripple price prediction.