Ripple Price Analysis: XRP/USD to break $0.8 soon?

Polkadot price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD broke past the previous low this morning.
  • XRP/USD pair s present at $0.73.

Bears had dominated the market-making XRP/USD pair to trade in a bearish trend towards the conclusion of last night’s Ripple price analysis chart. However, when today’s analysis kicked in, the bulls took control of the powerful sellers and drove XRP/USD higher.

The Bollinger bands are wide on today’s analysis signaling a highly volatile market on Ripple. In addition, the price has been trading slightly below the upper band, signaling a bullish market.

Ripple Price Analysis: XRP/USD to break $0.8 soon? 1

The general outlook on the cryptocurrency heat map is bearish. The giant digital asset is trading in the same negative trend; however, it has not recorded a significant dip. The closest BTC competitor Ether is currently trading at $3.08K, a 3 percent price decline in the last 24 hours. However, the overall segment is bearish. Some altcoins are trading positively; THETA leads the list of the gainers. XRP/USD also is trading in slight bearish trend.

Ripple price movement in the last 24 hours: Ripple drops over 6 percent, breaks lower low

Earlier this week, XRP/USD price took a low at $0.74, from where it has been trading in a bearish trend. However, the daily chart shows that sellers failed to continue trading to take XRP/USD lower. In addition, yesterday’s analysis stated that bulls will offer strong resistance at $0.7. However, today’s above daily chart shows a strong bullish candle on the lower Bollinger band trading below the pair’s previous low.

A push back upwards is highly expected as XRP/USD finds a demand zone to close past sell trades on the table. Further price movement will depend on significant price confirmation levels that will determine the further movement of XRP/USD.

Overly, this week’s cryptocurrency price analysis shows Ripple is bearish; however, the short-term trend does not signify further downside action until it reestablishes support below $0.74. XRP/USD is currently trading above $0.74, which puts the general bullish trend in motion.

XRP/USD 4-hour chart: XRP rejects further downside?

On the 4-hour chart, XRP/USD pair is also trading slightly below the upper Bollinger band, signaling a bullish preference. In addition, XRP/USD has been trading above the 20 Simple Moving Average (SMA), which supports the bulls to take control of the market at any time.

Ripple Price Analysis: XRP/USD to break $0.8 soon? 2
XRP/USD 4-hour chart. Source: TradingView

The MACD is losing momentum to take price lower; further downside action is likely to be rejected by the bulls. The Relative Strength Index (RSI)  on a 4-hour chart is 50, with no strong signal of buyers or sellers taking control of the market.

On the 4-hour chart, XRP/USD pairs are trading below both bands of Bollinger, which puts no pressure on bulls or bears in today’s Ripple price analysis. XRP/USD pair will likely continue trading in a wide range between $0.74 and $0.84 for another day or two before continuing further Ripple price breaks lower lows.

Earlier this week, XRP/USD price took a low at $0.74, from where it has been trading in a bearish trend. However, the daily chart shows that sellers failed to continue trading to take XRP/USD lower. In addition, yesterday’s analysis stated that bulls will offer strong resistance at $0.7. However, today’s above daily chart shows a strong bullish candle on the lower Bollinger band trading below the pair’s previous low.

Ripple Price Analysis: Conclusion 

Today’s Ripple price analysis is bullish since we anticipate recovery to follow after a brief fall below $0.75 previous support. After a significant decline, likely XRP/USD has established a new lower low and will retrace over the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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