- Ripple price analysis is bullish today.
- XRP/USD saw more sideways action overnight.
- Ripple is set to regain bullish momentum.
Ripple price analysis is bullish today as consolidation has been set from which to rally higher over the next 24 hours. Therefore, we are bullish for XRP/USD overall and expect XRP to reach further upside by the end of the week.
The overall market traded with a slight bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, were up by 0.02 and 0.29 percent, respectively. Meanwhile, Shiba Inu (SHIB) has finally reversed and is the worst performer, with a loss of almost 30 percent.
Ripple price movement in the last 24 hours: Ripple still consolidates between $1.06-$1.08
XRP/USD traded in a range of $1.06 – $1.09, indicating low volatility over the last 24 hours. Trading volume has declined by 29.6 percent and totals $2.93 billion, while the total market cap trades around $50.51 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP set for another push higher?
On the 4-hour chart, we can see that the Ripple price action has formed a strong base from which to move higher over the weekend.
Ripple price action has seen bullish momentum slow down over the past week. After a strong rally on the 1st of October, during which XRP/USD rallied above $1.01 previous swing high, bullish momentum became increasingly more exhausted.
However, several higher highs were still set until the $1.10 mark was reached on Wednesday. Since then, XRP has consolidated in an increasingly tighter range, with the $1.06 mark as the support and the $1.08 mark as resistance.
Overall, the Ripple price action development indicates that the market is preparing for the next move. Whether it will be the upside depends on whether bulls break above $1.08 local resistance.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as a strong base from which to move higher has been established over the last 24 hours. Therefore, we expect XRP to look for a break higher and target the $1.10 next resistance.
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