- Ripple price analysis is bullish for today.
- XRP/USD consolidates around $1.10 today.
- XRP is ready to reclaim $1.20 next.
Ripple price analysis is bullish for today as the market has established a base to rally further over the last 24 hours. Therefore, we expect XRP/USD to breach the $1.20 next and set further higher lows from there.
The overall market trades with a bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 2.56 and 4.07 percent, respectively. Meanwhile, Solana (SOL) is the best performer, with a gain of 31 percent.
Ripple price movement in the last 24 hours: Ripple consolidated around $1.10
XRP/USD traded in a range of $0.8046 – $1.14, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 53.09 percent and totals $5.74 billion, while the total market cap trades around $52.34 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP ready for further upside?
On the 4-hour chart, the Ripple price action starts to gather momentum for another push higher after a consolidation today.
Ripple price action has traded with a strong bullish momentum over the past week. However, after reaching the $1.40 mark, a sharp decline was seen on Tuesday.
XRP/USD declined to $0.94, resulting in a drop of 33 percent. From there, Ripple recovered yesterday and moved back above the $1 mark. Consolidation was ultimately formed around $1.10, where XRP currently prepares for the next move up.
Overall, this price action development should lead Ripple towards more upside over the next 24 hours, with the $1.20 mark as the next target. Once the $1.20 price mark is reached, XRP will likely move to break higher highs next.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for today as the market has consolidated around $1.10 and established a base to reach further upside. Therefore, we expect XRP/USD to rise later today and target the $1.20 resistance next.
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