Ripple price analysis: XRP retests $0.90, ready to break higher?

TL;DR Breakdown

• Ripple price analysis is bearish today.
• XRP/USD saw rejection from $0.90 yesterday.
• Higher local low set at $0.85.

Ripple price analysis is bearish today as we expect the $0.90 mark to reverse the market again. Likely XRP/USD is finally ready to retrace previous gains and form a higher low. 

The market has traded in the green over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 1.94 and 4.34 percent. Ripple (XRP) is among the top performers, with an almost 8 percent gain.

Ripple price movement in the last 24 hours: Ripple fails to break $0.90

XRP/USD traded in a range of $0.8062 – $0.8979, indicating strong volatility over the last 24 hours. Trading volume has declined by 25.77 percent, totaling $4.48 billion. Meanwhile, the total market cap trades around $42.56 billion, ranking the coin in 6th place overall.

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

On the 4-hour chart, we can see another test of the $0.90 resistance, likely leading to a reversal later today.

Ripple price action has seen a strong breakout over the past week. After consolidating around $0.60 for over a week, XRP/USD started rapidly gaining ground on the 4th of February.

Some resistance was initially found below $0.69, leading to a consolidation close to the high. The rally resumed on the 6th of February, leading to an additional 35 percent gain to the $0.90 mark.

Since then, the Ripple price action has made two attempts to break higher. The one overnight resulted in rejection to $0.85, while the current one also indicates an upcoming reversal.

Ripple price analysis: Conclusion 

Ripple price analysis is bearish as we have seen strong resistance found below $0.90 over the last days. Therefore, we expect XRP/USD to reverse and start retracing some of the substantial gains seen over the past week.

While waiting for Ripple to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.