Ripple price analysis is bullish for today as the market continues respecting the $0.90 support and likely builds momentum to push to the $1.20 mark next week. From there, we should see the overall price action become increasingly more bullish this month.
XRP/USD traded in a range of $0.8975 – $0.9495, indicating a moderate amount of volatility. Trading volume has decreased by 17.84 percent and totals $2.7 billion. Meanwhile, the total market cap trades around $43.1 billion, ranking the cryptocurrency in 7th place overall.
On the 4-hour chart, we can see the Ripple price action continuing to consolidate above the $0.90 support over the past hours, indicating an upcoming reversal.
The overall market price action structure started to turn increasingly bullish over the past few days. After retracing from the previous major swing high at $1.70, the market retraced by 60 percent and found support at the $0.64 mark.
From there, bulls pushed higher and established a high at $1.05. Over the following days a higher low was set at $0.80, and from there XRP spiked to $1.10 resistance, setting a slightly higher high.
Over the past days, Ripple retraced again and found support at the $0.90 mark, further indicating that bulls are building momentum to further push the Ripple price action higher. Therefore, we expect further upside over the next 24 hours, with the next target located at the $1.20 mark.
Ripple price analysis is bullish as further downside has been rejected overnight and the market continues to build a base from which to move higher next week. Therefore, we expect XRP to set a higher high at the $1.20 mark 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 6, 2021 7:29 pm
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