- XRP established another higher low.
- Next target at $1.20.
- Closest resistance at $1.10.
Ripple price analysis is bullish for today as the market established support around the $0.92 mark and started to move higher overnight. Therefore, we can expect XRP/USD to push higher over the next 24 hours.
The overall market trades with mixed results over the last 24 hours. Bitcoin has lost 1 percent, while Ethereum is up by 3 percent. Meanwhile, Solana (SOL) is up by 15 percent and is among the best performers over the last 24 hours.
XRP/USD opened at $0.969 after a bearish close yesterday. Since then the market moved slightly higher and continued to respect the several day ascending support trendline. Therefore, we expect XRP/USD to move higher over the next 24 hours and reach the next target at $1.20 over the upcoming days.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.9202 – $0.9979, indicating a moderate amount of volatility. Trading volume has decreased by 27.68 percent and totals $3.3 billion. Meanwhile, the total market cap stands at $44.4 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP prepares to spike higher
On the 4-hour chart, we can see the Ripple price action establishing support at the $0.92 mark and rejecting further downside overnight.
The overall market has started to reverse the bearish momentum seen over the past few days. After peaking at $0.64 at the end of May, XRP/USD started to move higher and reached the $1.10 mark. From there, XRP/USD retraced and set a higher low around $0.80, indicating that the momentum is reversing to the upside.
Earlier this week, XRP/USD established a slightly higher high at the $1.10 mark and started to reverse once again. Yesterday support was found at $0.92, potentially meaning a slightly higher high being set.
Therefore, we can expect XRP/USD to move higher and start to push towards the next resistance at $1.20 over the next 24 hours. From there, XRP/USD will likely start to increase its bullish momentum later this week to break the previous major swing high of $1.70.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish as the market established a higher low yesterday and currently prepares to push higher. Therefore, we expect XRP/USD to move higher and reach the next resistance at $1.20 over the next few days.
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