- Ripple price analysis is bullish for today.
- XRP/USD retraced to the $1.10 mark yesterday.
- XRP prepares to reverse higher.
Ripple price analysis is bullish today as the market retraced to the $1.10 support, where rejection for further downside was seen. Therefore, we expect XRP/USD to start trading higher later today and regain some of the loss.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, retraced by 0.72 percent, while Ethereum lost 2.14 percent. Solana (SOL) is among the worst performers, with a loss of 5.7 percent.
Ripple price movement in the last 24 hours: Ripple retraced to $1.10 previous support
XRP/USD traded in a range of $1.11 – $1.20, indicating mild volatility over the last 24 hours. Trading volume has decreased by 0.81 percent and totals $5.77 billion, while the total market cap trades around $54 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP rejects further downside
On the 4-hour chart, we can see the Ripple price action starting to reverse after rejecting the $1.10 support.
Ripple price action has traded with a strong bullish momentum over the past month. From the $0.52 low, set on the 20th of July, XRP/USD rallied by more than 150 percent until resistance was found at the $1.35 mark.
From there, XRP saw a strong retracement last week, with the $1.05-$1.10 area serving as support. However, the subsequent rally set a lower low, with the market price consolidating around the $1.25 mark for several days.
This Ripple price action development resulted in another retracement back to the $1.10 support. Since further downside was not seen and some rejection was made earlier today, we assume XRP/USD is ready to reverse the upside again and test the previous highs later this week.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as the market has established another higher low above the $1.10 support, and bulls prepare for another rally. Therefore, we expect XRP/USD to rally higher later today and finally breach the previous high.
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