Ripple price analysis indicates bullish momentum to follow later today as support was found at $0.52 yesterday. Therefore, we can expect XRP/USD to retrace higher and reach the $0.58 previous resistance level next.
The crypto market trades with a substantial gain over the last 24 hours. Bitcoin is up by 4.5 percent, while Ethereum is around 8.5 percent. Dogecoin (DOGE) is among the best performers, with a gain of 15.8 percent.
XRP/USD traded in a range of $0.5179 – $0.549, indicating strong volatility over the last 24 hours. Trading volume has decreased by almost 8 percent and totals $1.9 billion. Meanwhile, the total market capitalization stands around $25.3 billion, ranking the cryptocurrency in 7th place overall.
On the 4-hour chart, we can see the Ripple price action moving higher over the last hours as bulls want to retest the previous support around $0.58 as resistance.
Ripple price action has moved in a strong bearish trend over the past weeks after a new medium-term high was set around the $0.73 mark at the end of June. What followed was a failure to move higher and a clear lower high set around $0.70.
Following this price action development, XRP/USD spiked to $0.58-$0.60 support area. Ripple slowly traded past this support area last week after another lower high was set, indicating that bears are indeed in control.
On Monday, XRP/USD saw a rapid spike lower to the $0.52 mark, where Ripple formed a consolidation base. However, earlier today, XRP started to trade higher as bulls want to regain some of the loss seen over the past days. This development should lead XRP/USD towards further highs later today as bulls want to retest the previous major support area around $0.58-$0.60 next.
Ripple price analysis is bullish for the next 24 hours as the market started to rally earlier this morning after a strong support base was established overnight. Therefore, we expect XRP/USD to move higher and retest previous support around $0.58 as resistance.
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 November 6, 2021 2:40 pm
TL;DR Breakdown Polkadot price lowered another 3 percent during the day's trade Price continues to… Read More
TL;DR Breakdown: Intel is reportedly releasing a specialized Bitcoin mining chip. It will be an ultra-low-voltage… Read More
TL;DR Breakdown Singapore orders crypto ATM providers stops working.Move to regulate crypto advertising to the… Read More
TL;DR Breakdown GK8 reel out additional features to its platform.The new features can enable banks… Read More
TL;DR Breakdown The Monero price analysis is bullish.Resistance for XMR/USD is present at $214.Support for… Read More
TL;DR Breakdown Bitcoin price analysis is bearish today.BTC/USD retested $42,500 resistance earlier.Closest support at $41,000.… Read More