- Ripple price analysis is bullish today.
- Ripple’s long-term prospects are exciting investors.
- Ripple is vulnerable to swings in price.
Ripple‘s price is presently bullish, as consolidation has been established, following which the price will rise over the next 24 hours. As a result, we are bullish for XRP/USD overall and anticipate that by the end of the week, XRP will go even higher.
The Ripple market is bullish, as XRP/USD has maintained the upward momentum from oversold conditions after a surge of volatility. The low achieved was $0.61001. Since then, there has been price consolidation. At the time of writing Ripples, the current price stood at $0.71636, with minor support holding up towards this level which is now resistant.
Although XRP/USD has been stable, we are still very bullish. We expect it to hold out until our next forecast, when Ripples’ price reaches $0.81300, indicating that upward momentum will resume shortly after that. However, if XRP/USD continues to consolidate or break current levels of support, we will see a minor retracement.
Ripple price movement in the last 24 hours: Ripple still consolidates between $1.06-$1.08
Ripple has been active in the last 24 hours, but this hasn’t altered the overall trends. XRP/USD was trading at $1.0 at the time of writing, having advanced to $1.08 before falling back to $0.76 within just over 6 hours. Volatility was high. However, since then, Ripple’s price has stayed within the same trading range between $0.735-$1.07; as a result of this, it has been hard to predict what level will hold as resistance and which as support.
Ripple is still vulnerable to swings in price, but the next few hours will be particularly volatile as Ripple’s value heads towards either consolidation or a break from recent ranges. We believe that XRP/USD will soon break current levels of consolidation to resume its upwards trajectory.
Looking at Ripple’s market volume confirms that XRP experienced some significant trading action in the last 24 hours; at the time of writing, XRP had a volume of $2.4 billion and has maintained this level for more than 12 hours now. Therefore we can see that Ripple’s price action is supported, but it does not show any signs of increasing or decreasing presently.
XRP/USD 4-hour chart: XRP set for another push higher?
On the hourly chart, we can see that Ripple’s price action has established a solid foundation on which to rise over the weekend.
XRP/USD 4-hour chart. Source: TradingView
Prices for XRP have slowed down in recent days, with bullish momentum slowing down. After a powerful rally on the 1st of October, when XRP/USD rose above $1.01 previous swing high, bullish momentum became increasingly weaker.
On the other hand, should XRP/USD break upwards of $0.84000, we will determine if this upward momentum is sustainable with higher levels of volatility. However, suppose Ripples price fails to break downwards from its current support level at $0.7000,0. In that case, we expect volatility to increase during trading early next week and beyond, indicating that Ripple has regained bullish momentum instead.
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’s long-term prospects are exciting investors. As a result, the combined influence is bullish for XRP in both the long and short terms. Thus our optimistic price prediction for this currency is validated becauseRipple price analysis shows momentum will shift over to XRP/USD later today or tomorrow.
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.