TL;DR Breakdown
- Ripple price analysis is bullish today.
- XRP/USD retraced overnight.
- Some support found at $0.82.
Ripple price analysis is bullish today as we expect higher low to be set soon as the $0.82 mark currently offers support. Likely XRP/USD will reverse from there, and head to break further higher highs.
The cryptocurrency market has seen bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, both are in the red, with a mild loss of 1.31 and 1.15 percent. Meanwhile, Ripple has declined less, with a loss of just over 1 percent.
Ripple price movement in the last 24 hours: Ripple retraces from previous high at $0.865
XRP/USD traded in a range of $0.8241 – $0.8455, indicating mild volatility over the last 24 hours. Trading volume has increased by 24.31 percent, totaling $1.554 billion, while the total market cap trades around $39.46 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP looks to set a higher low at $0.82?
On the 4-hour chart, we expect the Ripple price action to reverse soon as the market has retraced enough and is likely ready to break higher again.
Ripple price has seen consolidation formed above $0.81 for the past days. After previously declining by around 20 percent, we have seen the end of the decline by the end of 2021.
A retest of the newly found support at $0.81 followed on Friday, leading to a quick reaction higher. Over the following days, XRP/USD slowly set a higher local high at $0.875, indicating bullish momentum forming.
Therefore, the current retracement likely will set a higher low soon and prepare the market for the next move higher. The next target is seen at $0.9, meaning that the Ripple price could see a strong move higher later this week.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we expect higher low to bet set as the retracement comes to an end. Likely XRP/USD is now ready to test further upside and will move towards the $0.9 next major resistance over the next days.
While waiting for Ripple to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.
