The former Man United forward was handed his marching orders in the first half at the Mestalla after he attempted to pick up defender Jeison Murillo by his hair in the box.
It was the 11th red card of Ronaldo's career, but first in the Champions League, and will see him miss Juve's next group game against Swiss side Young Boys in Turin.
UEFA's control, ethics and disciplinary panel will meet next Thursday to review the incident, which was one of the main talking points after the opening set of Champions League fixtures.
It was feared that Ronaldo could be banned for more than one match if the incident was deemed to be violent conduct.
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Despite the five-time Balon d'Or winner's dismissal, Juve played well and comfortably secured the win at Mestalla thanks to two penalties from Miralem Pjanic.
Ronaldo, then, touched his head and asked him to get up.
Emre Can caused a stir after Ronaldo's controversial Champions League red card. Juventus are planning to appeal against the sending off, citing a "clear error" on the part of the referee, Felix Brych, and his linesman, Marco Fritz.
Despite that, World Cup victor Lippi said the decision signalled the need for VAR to be introduced in the Champions League. Have your say in the comments section below.
"It was a soft sending-off for Ronaldo, but the letter of the law says you probably can not do that, so I think the one-match ban will probably stick", the ex-Red Devils player said.