Ripple News

Ripple price analysis: Ripple spikes lower before push above $1.10? 

TL;DR Breakdown

  • XRP retested $1.10 resistance yesterday.
  • Support found at $0.95 as of now.
  • Next resistance target at $1.20.

Ripple price analysis is bullish for today as the market has retraced and prepares to set another higher low. Therefore, we expect XRP/USD to move to $1.20 resistance over the weekend. 

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. Bitcoin trades with almost a 6 percent loss, while Ethereum at 8.2 percent. Rest of the altcoin market follows a similar trend.

XRP/USD opened at $1.04 today after a neutral close yesterday. Overnight, the Ripple price started to retrace and reached $0.92 mark over the past hours. Therefore, we should see a higher low set and another push higher over the weekend.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.9202 -$1.05, indicating a moderate amount of volatility. Trading volume has increased by 10.55 percent and totals $4.3 billion. Meanwhile, the total market cap trades at $42.6 billion, ranking the cryptocurrency in 7th place.

XRP/USD 4-hour chart – XRP spikes lower

On the 4-hour chart, we can see Ripple prices moving lower over the past hours to set a higher low.

XRP/USD 4-hour chart. Source: TradingView

The overall market continues reversing from the previous major retracement from the $1.70 last swing high. Support was finally found around the $0.64 mark and from there the market started to prepare for a move higher. 

First, we saw a rebound to $1.10 mark and from there, XRP/USD reversed to $0.80 mark, setting a higher low. From there, the Ripple price set a higher high at the $1.10 resistance, indicating that the price structure has shifted back to bullish. 

Currently XRP/USD prepares to set a higher low, indicating that we should see another higher high set over the weekend. The first target is located at the $1.20 mark and from there Ethereum price will likely push higher with an increased momentum until a further all-time high is set.

Ripple Price Analysis: Conclusion

Ripple price analysis is bullish as the market continues setting higher lows to reverse the current several-week bearish momentum. Therefore, we can expect XRP/USD to move to $1.20 next resistance over the weekend.

While waiting for further Ripple price action development, read our latest guides on how to buy Cardano, mine Zcash, and Bitcoin dominance.

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.

This post was last modified on June 4, 2021 1:49 pm

Egil Lapin

Egil is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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