Ripple Price Analysis: XRP bounces from $0.90 again, slow move higher to follow today?

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD saw another test of $0.90 support.
  • Bulls still reject further downside.

Ripple price analysis is bullish today as another reversal from the $0.90 support was seen this morning following a decline overnight. Therefore, we expect XRP/USD to move higher today and look to set a higher low.

Cryptocurrency heat map. Source: Coin360

The crypto market traded with a slight gain over the last 24 hours, with the market leader, Bitcoin, up by 1.75 percent. Meanwhile, the top altcoin, Ethereum, has gained 1.05 percent, with the rest of the market following with similar results.

Ripple price movement in the last 24 hours: Ripple still holds above $0.90 support

XRP/USD traded in a range of $0.8879 – $0.9426, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 9.86 percent and totals $2.5 billion, while the total market cap trades around $43.3 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP is set to rally today?

On the 4-hour chart, we can see Ripple price action seeing bullish momentum return as a further downside was rejected again.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action has continued to trade in a bearish momentum this week. XRP/USD continued to trade in an increasingly tighter range, with the $0.90 mark as support.

This Ripple price action development resulted from a substantial spike lower on the 20th of September, which resulted in a drop of more than 15 percent. From there, XRP initially spiked to $0.86 and, after several rejections, a move to $1.02.

Since then, the Ripple price action has traded in an increasingly narrow range, with the last swing high set at $0.98 on Monday. Overall, as long as the $0.90 support holds, we expect a reversal to the upside to follow later this week.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for today as any further downside was prevented by bulls earlier this morning at the $0.90 support. Therefore, we expect further upside to follow later today.

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