- Ripple price analysis is bullish today.
- XRP/USD continues to trade around $1.05.
- Bulls currently gather momentum for another push higher.
Ripple price analysis is bullish today as a slight decline was met with rejection for the downside, sending XRP higher overnight. Therefore, we expect XRP/USD to rally over the next 24 hours and reach the next price mark at $1.10.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, has gained 3.63 percent, while Ethereum trades with a 1.01 percent gain. The rest of the top altcoins have seen a much better performance.
Ripple price movement in the last 24 hours: Ripple rejects further downside, continues to consolidate around $1.05
XRP/USD traded in a range of $1.01 – $1.06, indicating low volatility over the last 24 hours. Trading volume has declined by 10.98 percent and totals $2.99 billion, while the total market cap trades around $49.33 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looking to break higher?
On the 4-hour chart, we can see the Ripple price action slowly advancing as bulls are set to attempt another push higher.
Ripple price action has seen bullish momentum return so far this month. After a more than week-long consolidation in an increasingly tighter range during the end of September, clear support was established at $0.90.
From the $0.90 support, XRP/USD finally gathered momentum to push higher on the 1st of October, sending the price above $1.05 resistance. Since then, a slightly higher high was set twice, with a continuous consolidation around the $1.05 support.
Yesterday, Ripple price action attempted to test further downside, with rejection seen above the $1 mark. This price action development indicates that we should see another push higher over the next 24 hours as bullish momentum returns.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish as the downside was rejected yesterday, and bullish momentum has returned since. Therefore, we expect XRP/USD to continue higher and set another higher local high next.
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