- XRP continued to rally yesterday.
- $1.10 resistance breached overnight.
- XRP/USD set for a retracement.
Ripple price analysis is bearish for the next 24 hours as rejection for further upside was seen overnight after a brief spike above the $1.30 resistance level. Therefore, we expect XRP/USD to reclaim some of the gain seen over the last 24 hours and look to retest $1.10 support next.
The cryptocurrency market trades in the red as bears took over control overnight. The market leader, Bitcoin has lost 3.9 percent while Ethereum is down by 4.40 percent. Meanwhile, Ripple (XRP) has gained 8.7 percent and is among the best performers over the last 24 hours.
Ripple price movement in the last 24 hours: Ripple spikes above $1.30 resistance
XRP/USD traded in a range of $1.11 – $1.35, indicating a strong amount of volatility over the last 24 hours. Trading volume has increased by 97.9 percent and totals $14 billion, while the total market capitalization totals $59 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP prepares to retrace?
On the 4-hour chart, we can see the Ripple price action starting to retrace after briefly moving above the $1.30 resistance, which should lead towards further downside today.
Ripple price action has seen strong bullish momentum over the last weeks. Since the last major swing low around $0.52, XRP/USD has increased by more than 150 percent, with a brief move above the $1.30 resistance.
Additionally, earlier this week, Ripple broke through the $1.10 major resistance, where the previous swing high was located. This price action development indicates that the overall market structure has turned bullish once again.
However, as of now, Ripple price action has extended too far and a retracement is needed before further upside can be seen. The first obvious support to look at is the $1.10 major resistance turned support. Once XRP/USD retests it as a support, we can expect a lot more upside next week.
Ripple price analysis is bearish for the next 24 hours as the next major resistance of $1.30 was rapidly reached over the last 24 hours. Therefore, we expect XRP/USD to retrace some of the gain and likely head towards a retest of the $1.10 resistance turned support.