Ripple price analysis: XRP retraces to $0.85, forms descending trendline

TL;DR Breakdown

• Ripple price analysis is bearish today.
• XRP/USD has found resistance at $0.85 previous support.
• Rejection lower seen over the second half of the day.

Ripple price analysis is bearish today as we have seen another lower high set at $0.85 after a massive spike lower on the 31st of March. Therefore, XRP/USD is likely headed for another push lower towards the $0.80 mark.

The market has seen bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 0.38 and 1.56 percent, while Ripple has an even more substantial 1.64 percent.

Ripple price movement in the last 24 hours: Ripple recovers its previous loss to $0.85

XRP/USD traded in a range of $0.8232 – $0.8486, indicating substantial volatility over the last 24 hours. Trading volume has declined by 28.29 percent, totaling $1.614 billion, while the total market cap trades around $40.23 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP ready to continue lower?

On the 4-hour chart, we can see the Ripple price action looking to decline again as strong resistance was found at $0.85 and descending trendline.

Ripple price action has reached a new local high at $0.91 this week. The following retracement established a clear higher low at $0.85, where consolidation was formed during the middle of the week.

However, further upside did not follow. XRP/USD saw a very sharp spike lower to $0.78 on the 31st of March, indicating weakness in the overall medium-term market structure.

Since then, some of the loss was regained, leading back to $0.85 previous support being retested as resistance. Additionally, a descending trendline has been formed, indicating that another move lower will follow unless a break higher is seen later today.

Overall, the current Ripple price action development indicates more downside to follow over the weekend and likely early next week. If a higher low can be set, XRP/USD still has a chance to recover. Otherwise, a lot more downside could follow over April.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish today as we have seen a steady retracement to $0.85, where rejection was seen earlier today. Therefore, XRP/USD is likely ready to push lower again and attempt to set a higher low.

While waiting for Ripple to move further, see our articles on Web3 Startups, Staking Enjin Coin, and Where to buy XRP.

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• Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-04-02/