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.
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.
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 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.
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 5, 2021 12:08 pm
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