Ripple price analysis is bullish for today as a further downside was prevented yesterday. Therefore, unless the $0.80 support breaks, we can expect XRP/USD to move back above the $0.90 mark early next week.
XRP/USD traded in a range of $$0.8099 – $0.8431, indicating a moderate amount of volatility. Trading volume has decreased by 5 percent and totals $2.5 billion. Meanwhile, the total market cap stands at $38.3 billion, ranking the cryptocurrency in 7th place.
On the 4-hour chart, we can see XRP/USD failing to set a lower low yesterday, indicating that bulls are ready to push higher.
The overall market still moves sideways after a strong retracement in May. A sharp rejection was set at the $0.64 mark, indicating that bears are exhausted.
From there, the Ripple price action established resistance around the $1.10 mark and the market could not move any higher from there.
Earlier this week, support around $0.80 was retested again, indicating that there is still strong selling pressure in the market. After a slight higher high on Wednesday, Ripple moved lower again until the $0.80 support was retested for the third time.
Since XRP/USD could not move past the support, we can assume that further upside will be seen next week, with the next target at $1.10 resistance. Once the $1.10 mark breaks, we can expect Ripple price action to start rapidly pushing higher over the following weeks.
Alternatively, if the $0.80 mark finally breaks, we expect XRP/USD to rapidly move to $0.64 mark.
Ripple price analysis is bullish as the market price retested the $0.80 support again over the past 24 hours. Since further downside was not seen, we can expect XRP/USD to start trading higher early next week and push avoe the closest resistance at $0.90.
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 13, 2021 10:33 am
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