- XRP moved higher yesterday.
- Support found around 100 MA.
- Another attempt to move higher expected.
Ripple price analysis is bullish for today as the market reached the $0.70 resistance overnight and retraced over the past hours. Therefore, we can expect XRP/USD to push higher later today and try to breach the previous swing high.
The overall market trades in the red over the last 24 hours. Bitcoin has lost 3.2 percent, while Ethereum 1.7 percent. The rest of the market follows this bearish pattern of moderate loss.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.672 – $0.7078, indicating little volatility. Trading volume has remained almost unchanged and totals $1.9 billion. The total market capitalization trades around $31.3 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP respects $0.70 resistance for now
On the 4-hour chart, we can see the Ripple price action retracing from the $0.70 resistance in preparation for another push higher today.
The overall market trades within a strong bearish momentum over the past week. After retracing by more than 50 percent, XRP/USD established support around the $0.50 mark, from which the market started regaining some of the loss.
At first, XRP moved to the $0.70 mark, and after some retracement, pushed higher again towards $0.73, where resistance was found around the 100 period moving average blue line. Additionally, an ascending support trendline supported the rally earlier last week. However, Ripple broke below the support early last week, indicating that bulls are losing momentum.
What followed was a rally higher to the $0.70 resistance, where a slight rejection was seen overnight. This price action development resulted in a slight retracement over the past hours as bulls prepare to push the market higher again.
Considering the recent Ripple price action, we should see the market break higher later today and test the $0.73 mark again. If further upside is not seen, another several-week-long decline could play out later this month.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for today as the market prepares for another push higher after testing the $0.70 resistance and retracing to the $0.67 mark. Therefore, we should see XRP/USD push higher later today above the previous swing high of $0.74 and reach the $0.80 mark next.
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