- XRP closed bullish yesterday.
- Clear higher high set overnight.
- Ripple currently prepares for another push higher
Ripple price analysis is bullish for today as the market set a higher high overnight and reached the 100 periods moving average. Therefore, we can expect XRP/USD to move even higher later today and try to reach the next resistance at $0.80.
The overall market trades with a slight retracement over the last 24 hours. Bitcoin has lost 2.3 percent while Ethereum almost 2 percent. The rest of the crypto market follows this pattern of slight loss with only a couple of exceptions.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.6658 – $0.7277 indicating a moderate amount of volatility. Trading volume has increased by 31.6 percent and totals $3.38 billion. Meanwhile, the total market cap stands around $31 billion, ranking cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP prepares for further upside?
On the 4-hour chart, we can see the Ripple price retracing earlier today as bulls prepare for another push higher over the next 24 hours.
The overall market trades within a bearish price action development over the past weeks as a new higher low was set around the $0.50 mark. From there, XRP/USD started to retrace over the past weeks as bulls looked to regain some of the loss.
Initially, the $0.70 mark acted as a resistance, however, after a slight retracement, Ripple pushed higher and set a higher high overnight. This price action development indicates that the market is ready to move higher later this week, with the next target around the $0.80 mark. From there, Ripple could start heading towards the previous all-time high and regain further losses.
Alternatively, if the further downside is seen later today, XRP/USD will likely head towards the previous support of around $0.50. From there, a lot more downside could be expected over the next weeks as the several-week bearish momentum continues.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for the next 24 hours as a clear higher high was set overnight and bulls prepare to push Ripple towards the next major target at $0.80.
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