London, Europe Brief News – Ripple price analysis is predicted to be on the bearish side even after the significant rise in the last 24 hours. There are no signs for any bullish results to be seen further since this morning.
The cryptocurrency market has experienced a huge spike in prices during the last 24 hours and market giants like Ethereum and Bitcoin have seen a massive gain with 5.48 and 8.97 per cent, respectively. Ripple (XRP) has seen an 8 per cent increase.
Ripple price change in the last 24 hours
XRP can be seen placed at 8th position in the overall coin ranking after immense volatility during the last 24 hours. XRP-USD is being traded from $0.6075-$0.6837 and trading volume has jumped to its record-breaking high of 80.68 per cent. Meanwhile, the cumulative market cap trades around $32.14 billion.
Ripple (XRP-USD) 4-hour chart
On the 4-hour chart, we can see the strong signs that dismiss the further chances of XRP rise this morning right after it hit the $0.69 mark.
The past few weeks have not been ideal for the Ripple as it was being traded in a relatively lower range. But the beginning of February was positive as the prices got increased and set around $0.63. From there on XRP-USD was reversed again, sitting at a record-breaking low.
This left XRP-USD to require a strong push which was made late on the 3rd of February when bulls begin to push the market higher again, as a mighty spike was seen yesterday. The yesterday spike eventually helps XRP-USD to hit its all-time high by overtaking its previous high of $0.65.
Overnight to today, after receiving a huge push, XRP price ended on the next high of $0.69. Since morning, the signs for further gain look bleak indicating that the upswing has finally reached its highest point. There are high chances now that this price action development will take XRP-USD to reverse some of the considerable gains for the course of the next 24 hours.
Conclusion of Ripple price analysis
XRP price analysis is clearly bearish today as we have experienced strong bullish results over the past 24 hours which sets the price to its all-time high of $0.69. XRP begin to reject any further upside and indicating for the upcoming retracement.
