- XRP moved higher yesterday.
- Ripple spiked towards $0.70 earlier today.
- Market in a decision where to go next.
Ripple price analysis is bullish today as we saw a strong bullish momentum over the last 24 hours. Therefore, we expect XRP/USD to continue higher later today and attempt to breach the $0.70 mark.
Cryptocurrency heat map. Source: Coin360
The crypto market has seen good performance over the last 24 hours. Bitcoin is up by more than 4 percent, while Ethereum by 9 percent. The rest of the top altcoins follow this price action development with gains of around 6-9 percent.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6246 – $0.6889, indicating a good amount of volatility. Trading volume has increased by 17.68 percent and totals $2.6 billion. Meanwhile, the total market capitalization stands at $31.6 billion, ranking cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP spikes towards $0.70 resistance
On the 4-hour chart, we can see the Ripple price action moving higher over the past hours to retest the previous high resistance of $0.70.
XRP/USD 4-hour chart. Source: TradingView
The overall market trades in a very strong bearish momentum over the past weeks after the previous swing high at $1.10 was reached at the beginning of June, and bulls failed to push Ripple price higher from there.
This XRP price action development has resulted in a loss of over 50 percent until support around $0.50. From there, we saw a slight rebound and a test of the $0.70 mark last week.
After a slight consolidation over the weekends, XRP/USD started to rally once again and made a strong move high yesterday. Overnight bulls pushed the market even higher, and we saw a spike higher over the past hours.
This has resulted in XRP/USD spiking higher over the past hours towards the $0.70 mark. If the market can break above, it would be a clear indication that the market wants to reverse the medium-term trend over the following week back to upside.
Alternatively, if XRP fails to move above $0.70, we can expect a lot more downside over the remainder of this week, with the $0.50 support likely tested again. If the $0.50 mark breaks, the next support is located at $0.40 and would mean that the overall price action structure is still bearish.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for the next hours as we expect bulls to try to break above the previous swing high resistance at $0.70. From there, we could see a lot more upside later this week as the several-week bearish momentum comes to an end.
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.