- XRP set a higher low at $0,90 overnight.
- XRP/USD currently trades below $1.20.
- Next resistance at $1.30.
Today’s Ripple price prediction is bullish as the market rejected further downside overnight and currently has moved below the next support turned resistance at $1.20. Therefore, once the resistance is broken, we can expect further upside later this week.
The crypto market trades with mixed results over the last 24 hours. Bitcoin is up by 4 percent, while Ethereum trades with a small loss of 1 percent. Ripple is among the worst performers with a loss of 7 percent.
XRP/USD opened at $1.06 today after a strong bearish close yesterday. Support was found at $0.75 and retested at $0.90, indicating that the market is slowly reversing. Therefore we should see further upside over the next 24 hours.
Ripple price movement in the last 24 hours
Ripple traded in a range of $0.8753 – $1.31, indicating severe volatility over the last 24 hours. Trading volume has increased by 24.69 percent and stands at $21.4 billion. Meanwhile, the total market cap trades around $54.6 billion, resulting in a market rank of 6th palace.
XRP/USD 4-hour chart – XRP moves below $1.20 resistance
On the 4-hour chart, we can see XRP/USD currently attempting to move above the $1.20 resistance, which should lead towards further upside later this week.
The overall market still struggles to move higher after setting a new all-time high at $1.95 on the 14th of April. After an initial retracement to the $1 mark, XRP/USD moved to $1.70, where a several-day sideways momentum was seen.
After a move to the $1.20 support during the second week of May, the market retested the $1.70 resistance once again, forming a double top pattern. From there, XRP/USD made a sharp move lower once again, this time below the $1 support until the $0.85 mark.
Once the support was reached, the Ripple price action spiked higher and found resistance at the $1.20 mark. However, Yesterday bears regained control and set another lower low above the $0.90 mark. From there, we can see XRP/USD moving higher over the past hours to retest the $1.20 resistance for the second time.
Therefore, until the resistance is broken, we can expect the market to consolidate in an increasingly tighter range. Another push lower to set a further higher low might be seen over the next 24 hours. From there, XRP should attempt to finally break above the $1.20 mark and move further.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market has retested the $1 support with another rejection for further downside. Over the past hours, XRP/USD moved below $1.20 resistance, indicating bulls are slowly regaining control over the market. Therefore, we expect further upside to be seen over the upcoming days.
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