Ripple (XRP) Retest Resistance at $0.85 Again – Another Drop?
Briefly –
- Ripple twinkles bearish actions today.
- The remittance met upside rejection again.
- The nearest support stood at $0.81.
Ripple (XRP) displays a bearish outlook as another trial to surge higher faced rejection at the resistance level of $0.85. That way, the cross-border token will drop again later on the day, testing more lows.
Ripple’s downbeat mode surfaces even with the broad market witnessing slight bullish movements over the previous 24 hours. The leading cryptocurrencies, BTC and ETH, rose by about 1% at the time. Meanwhile, the remittance token noted a brief 0.52% jump.
Ripple 24Hr Price actions
XRP/USD hovered within the $0.8292 – $0.8563 range, showing mild volatility within the past 24 hours. The altcoin has seen its trading volume losing 8.9%, standing at $1.87 billion. Meanwhile, the crypto’s market cap hovers at $40.3 billion as XRP ranks 8 in the crypto-list.
$0.85 Resistance Level Rejects XRP Again
The 4hr chart shows another Ripple rejection as the international transactions token attempted a leg up. Nevertheless, Ripple price movements have noted a bearish pressure this week. The alt formed its swing high at $1.02 on December 23, following massive rallies earlier on the month.
From here, Ripple bulls failed to contain the upsurge, translating to a drastic fall towards $0.9 one day later. Meanwhile, the past weekend saw consolidations plus a brief $0.95 test, the level that led to the upward rejection.
The following days saw Ripple moving lower with massive momentum. The $0.81 value area offered the token support, and XRP saw a higher move yesterday, touching $0.85. Since XRP failed to record further upswings, it may see more drops in the coming days.
Nevertheless, experts had predicted a lucrative year for Ripple in 2022 amid various developments. For instance, Ripple Lab CEO declared that the SEC law fight might end in the coming year, and a win for XRP will mean bullish movements for the altcoin. For now, it can be a matter of wait and see.
Final Thought
Ripple displays bearishness today, and the token seems ready for further lows. The $0.85 hurdle appears challenging for XRP bulls. Therefore, XRP/USD may continue sliding towards the support at $0.81.
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