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Ripple Price Analysis: XRP finds support at $1.05, ready to rally higher?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish for today.
  • XRP/USD found support at $1.05 overnight.
  • Ripple looks to rally higher today.

Ripple price analysis is bullish for today as support was found around the $1.05 support overnight after failing to move higher yesterday. Therefore, we expect XRP/USD to gather momentum for another push higher over the next 24 hours and look to return back to the $1.20 resistance.

Ripple Price Analysis: XRP finds support at $1.05, ready to rally higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 0.21 percent, while Ethereum by 0.35 percent. Meanwhile, Cardano (ADA) is the best performer, with a gain of 13.28 percent.

Ripple price movement in the last 24 hours: Ripple finds support at $1.05 again

XRP/USD traded in a range of $1.03 – $1.11, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 42.53 percent and totals $4.39 billion, while the total market capitalization trades around $51.17 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP starts to move higher again

On the 4-hour chart, the Ripple price can be seen to rally higher again after retesting the $1.05 support.

Ripple Price Analysis: XRP finds support at $1.05, ready to rally higher?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action traded with strong volatility over the last week. After slowly reaching the $1.40 mark on the 6th of September, a rapid decline followed over the next 24 hours.

Ripple lost more than 30 percent, with the $1.05 major support providing support again after a quick spike below it. Above the support, Ripple price consolidated during the middle of the week until a quick spike higher was seen early yesterday.

Strong selling pressure followed during the rest of yesterday, with the $1.05 support retested again overnight. As long as any further downside is not seen, we expect XRP/USD to continue moving higher or at least consolidating above the support over the next 24 hours.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for the next 24 hours as support was found above $1.05 overnight, and a slight rally pushed the market to $1.10 since. Therefore, we expect XRP/USD to continue higher later today and look to reach the $1.20 next major resistance.

While waiting for Ripple to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

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