- Ripple price analysis indicates bullish momentum to take over today.
- XRP/USD retraced to retest $1.10 mark.
- XRP rejects further upside.
Ripple price analysis is bullish today as the market retraced over the last 24 hours to retest the $1.10 previous resistance as support. Therefore, we expect XRP/USD to rally higher today and start its way towards the next resistance around 1.50.
The overall market has started to recover over the last 24 hours. Bitcoin is still down by 1.32 percent, while Ethereum is by 1.78 percent. Solana (SOL) is still the best performer, with a gain of 15.5 percent.
Ripple price movement in the last 24 hours: Ripple retests $1.10 as support
XRP/USD traded in a range of $1.14 – $1.29, indicating mild volatility over the last 24 hours. Trading volume has increased by 4.25 percent and totals $8.7 billion, while the total market cap trades around $56.5 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP prepares for another push higher?
On the 4-hour chart, we can see the Ripple price rejecting further downside as bulls prepare to push the market to the $1.50 mark later this week.
Ripple price action has seen an increase of over 150 percent over the past month after a significant swing low was set above the $0.50 mark on the 20th of July. Since then, XRP/USD has moved past previous swing highs, with the last significant resistance of $1.10 broken last week.
Over the weekend, XRP reached above the $1.30 mark and set a several-month high of $1.35. However, bulls were exhausted, and a retracement was seen yesterday. Ripple price slowly declined towards the previous significant resistance, turned support of $1.10, where some buying pressure started to show.
Overall, this Ripple price action development indicates that the market is ready to rally further later this week. Once the momentum starts going, we can expect XRP/USD to reach $1.50 resistance next.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as a new higher low was set above the $1.10 mark overnight, and bulls prepare to rally again. Therefore, we expect XRP/USD to start trading higher today and move to the $1.50 mark next.
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