Ripple Price Analysis: XRP finds support at $0.76, ready to move higher?

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD rejected downside at $0.76.
  • Bulls look to break $0.78 this morning. 

Ripple price analysis is bullish today as we expect more upside to follow after a retracement to $0.76 yesterday. Likely XRP/USD is now ready to break higher and move to test the previous local high at $0.81.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.24 and 1.85 percent. Meanwhile, Ripple (XRP) follows with a gain of 0.08 percent.

Ripple price movement in the last 24 hours: Ripple finds support at $0.76

XRP/USD traded in a range of $0.7556 – $0.7809, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 22.97 percent, totaling $1.33 billion. Meanwhile, the total market cap trades around $37.14 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP looks to break $0.78

On the 4-hour chart, we can see bullish momentum returning overnight, with the $0.78 mark current tested.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen signs of recovery this week. After another lower low was briefly tested on the 10th of January, XRP/USD reversed and pushed above $0.78 previous resistance.

By Wednesday, XRP had reached the next resistance at $0.81, setting a strong local higher high. Since then, a slight retracement has set a higher low around $0.76.

Unless further downside is seen, the Ripple price action should see further upside tested soon.  The first resistance to break is the $0.81 previous high, with the next one as far as $0.85.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as we have seen a higher low set around $0.76. Likely XRP/USD will continue higher from there, moving to $0.81 resistance next.

While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.