- XRP displays a bearish outlook today.
- XRP/USD encounters consolidation beneath $0.85.
- Ripple’s next resistance stands at $0.90.
Ripple price displays bearishness today, and we expect a brief retracement from $0.85 for a higher low before the remittance token breaks higher. Since XRP failed to crack the hurdle at $0.85 with its overnight actions, market participants could anticipate a higher low from the altcoin.
Ripple Consolidated Beneath $0.85 Resistance
Ripple has consolidated inside the $0.8375 – $0.8531 range over the past 24 hours, suggesting low volatility. The cross-border token had its trading volume declining by 34.42% to $1.022 billion. Ripple has recorded somewhat muted actions through the past year, undoubtedly due to the SEC’s legal fight. The altcoin ranks 8 in the crypto list, its market capitalization hovering at $40.29 billion.
XRP/USD Four-Hour Chart – Further Retracement?
The 4hr chart shows XRP price rejecting further uptrends, authorizing another downward test. XRP price has witnessed a massive reversal over this week following a rally towards $1.02. The crypto retraced from this colossal swing peak, hitting $0.90 first, confirming a sturdy higher low.
Meanwhile, the altcoin failed to trigger tremendous upside from here, peaking at $0.95 during December 27 sessions. Bears dominated the following day, taking XRP lower within no time. That way, the crypto dropped to secure dependable support at $0.81.
The reaction from testing the resistance at $0.85 saw a quick drop to the support of $0.81. However, XRP rose towards the $0.85 obstacle again and consolidated around the mark overnight. The alt seems ready for another downward test before toppling the overhead resistance.
Meanwhile, crypto analysts remain bullish on XRP. That is because of the several developments the crypto awaits in 2022. Keep in mind that the SEC lawsuit has weighed on Ripple price actions for a long. As Ripple CEO believes the case will end this year, XRP can surge to higher highs.
Final Thought
Ripple retains a bearish attitude as XRP seems ready for a downward test after encountering the resistance level at $0.85. However, forming a higher low will mean XRP/USD, breaking highs. Let us see what the upcoming trading sessions will boast.
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