Bitcoin
$ 29,254.00 1.30%
Ethereum
$ 1,802.30 1.37%
Solana
$ 44.37 6.39%
Dogecoin
$ 0.082980 1.63%
ApeCoin
$ 6.25 0.38%
STEPN
$ 1.09 6.28%
Terra Luna Classic
$ 0.000078 16.13%

Ripple Price Analysis: XRP rallies above $1.30 overnight, will we see $1.10 resistance retested?

Ripple Price analysis

TL;DR Breakdown

  • XRP continued to rally yesterday.
  • $1.10 resistance breached overnight.
  • XRP/USD set for a retracement.

Ripple price analysis is bearish for the next 24 hours as rejection for further upside was seen overnight after a brief spike above the $1.30 resistance level. Therefore, we expect XRP/USD to reclaim some of the gain seen over the last 24 hours and look to retest $1.10 support next.

Ripple Price Analysis: XRP rallies above $1.30 overnight, will we see $1.10 resistance retested? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades in the red as bears took over control overnight. The market leader, Bitcoin has lost 3.9 percent while Ethereum is down by 4.40 percent. Meanwhile, Ripple (XRP) has gained 8.7 percent and is among the best performers over the last 24 hours.

Ripple price movement in the last 24 hours: Ripple spikes above $1.30 resistance

XRP/USD traded in a range of $1.11 – $1.35, indicating a strong amount of volatility over the last 24 hours. Trading volume has increased by 97.9 percent and totals $14 billion, while the total market capitalization totals $59 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart: XRP prepares to retrace?

On the 4-hour chart, we can see the Ripple price action starting to retrace after briefly moving above the $1.30 resistance, which should lead towards further downside today.

Ripple Price Analysis: XRP rallies above $1.30 overnight, will we see $1.10 resistance retested?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen strong bullish momentum over the last weeks. Since the last major swing low around $0.52, XRP/USD has increased by more than 150 percent, with a brief move above the $1.30 resistance.

Additionally, earlier this week, Ripple broke through the $1.10 major resistance, where the previous swing high was located. This price action development indicates that the overall market structure has turned bullish once again.

However, as of now, Ripple price action has extended too far and a retracement is needed before further upside can be seen. The first obvious support to look at is the $1.10 major resistance turned support. Once XRP/USD retests it as a support, we can expect a lot more upside next week.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bearish for the next 24 hours as the next major resistance of $1.30 was rapidly reached over the last 24 hours. Therefore, we expect XRP/USD to retrace some of the gain and likely head towards a retest of the $1.10 resistance turned support.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, NFT marketplace, as well as Proof of Stake vs Proof of Work.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

LUNA 2.0 airdrop: What centralized exchanges are currently supporting?
Terra (LUNA) Price Prediction 2022-2030: What Next for Luna?
VeChain Price Prediction 2022-2030: What's the $30K Offer to Terra?
Bitcoin price analysis: BTC rejects downside again, another push from $29,000 next?
Cardano price analysis: ADA gains positive momentum at $0.46

Follow Us

Industry News

Sex workers in the US use Bitcoin and other cryptocurrencies to evade federal laws
Russia research crypto for international transactions
USP plans research into the Metaverse
Community Lead Greg Miles Shares His Impressions of Working Inside the Award-winning Launchpad, UpLift DAO
Ether leads altcoin rout with $520m in liquidations as Bitcoin establishes dominance