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Ripple Price Analysis: XRP swiftly spikes below $1.066, reversal to follow?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD saw a strong spike lower late yesterday.
  • Ripple is ready to reverse.

Ripple price analysis is bullish today as a quick spike lower took the market below the previous low. However, XRP/USD saw bullish momentum return quickly, leading it back towards the $1.10 mark, indicating strong buying pressure at lower prices.

Ripple Price Analysis: XRP swiftly spikes below $1.066, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 2.18 percent, while Ethereum lost 1.28 percent. Meanwhile, Dogecoin (DOGE) is among the best performers, with a gain of 8.4 percent.

Ripple price movement in the last 24 hours: Ripple sets lower low, followed by strong buying pressure

XRP/USD traded in a range of $1.03 – $1.14, indicating strong volatility over the last 24 hours. Trading volume has increased by 2.04 percent and totals $3.52 billion, while the total market cap trades around $51.1 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP set to push higher today?

On the 4-hour chart, we can see Ripple price quickly returning to the $1.10 overnight, indicating strong bullish pressure forming.

Ripple Price Analysis: XRP briefly spikes below $1.066. Reversal to follow?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen a strong start of the month, with a gain of over 35 percent to the current swing high of $1.24 set on the 10th of October.  However, from there, bearish momentum returned, pushing XRP/USD to the $1.066 mark.

Over the following days, Ripple slowly recovered, indicating we might see further highs set. However, XRP peaked at $1.18 on the 16th of October, leading to another move lower.

Yesterday, the Ripple price slowly declined until the $1.10 mark was reached. From there, the bearish momentum increased, resulting in a spike to $1.02. Bullish momentum did take over since sending XRP/USD back towards the $1.10 mark.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as any further downside was rejected over the last 24 hours, leading XRP back to the $1.10 mark. Therefore, we expect XRP/USD will continue higher later today.

While waiting for Ripple to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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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