- Ripple price is bearish today.
- XRP rose higher amid the overnight session.
- The $0.69 resistance might reverse the alt today.
Ripple presents a bearish narrative after the remittance crypto formed a massive higher high near $0.69. Saturday early sessions showed upside rejection signals, confirming bulls’ exhaustion. Most assets tend to lose steam following a massive upward rally.
The crypto spectrum saw bullish reactions within the previous 24 hours. The leading digital coins, Ethereum and Bitcoin, surged 5.48% and 8.97%, respectively. Moreover, Ripple mimicked such developments, registering an 8% 24hr gain.
Ripple 24Hr Timeframe: XRP Breaks Previous Peak, Meets Hurdle at $0.69
The past 24 hours had XRP/USD within the range between $0.6075 and $0.6837, suggesting massive volatility. Trading volume surges 80.68% to $2 billion. Meanwhile, the cross-border transaction token ranks 8th, with market capitalization hovering $32.14 billion.
XRP 4Hr Timeframe: Ripple Ready for Retracement
Ripple had its price movements within a relatively constricted range within the last few weeks. The alt formed a slightly higher peak near $0.63 during February’s initial sessions. From here, XRP corrected once more, printing a higher low.
That way, XRP/USD made a base for a massive upside move. Bulls began pushing the altcoin higher again on February 3, triggering yesterday’s upside action, breaking the previous peaks of $0.65. The overnight session had Ripple’s price reaching the following milestone around $0.69. However, XRP encountered rejection from this high, suggesting a possible peak. With that, the altcoin has a higher probability of retracing substantial gains in the coming 24 hours.
As stated earlier, most crypto assets retrace after massive upswings. For now, XRP appears ready to retrace after printing a peak. However, optimistic believe the token will formulate a dependable base for colossal upswings. Nevertheless, broad market sentiment remains vital for Ripple’s upcoming actions. Bitcoin keeping its current bullish trends might support the upside case of XRP in the near term.
Final Thought
Ripple analysis reveals a bearish outlook, following a massive overnight rally that had it hit the obstacle at $0.69. However, XRP began retracing after hitting this resistance, hinting at upcoming downside correction. The alt will retrace before highlighting directional bias.
