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Ripple Price Analysis: XRP/USD set to break above $1.5 today

Ripple price analysis

TL;DR Breakdown

  • Ripple price analysis is positive on the 24-hour chart
  • The XRP/USD pair recorded a strong advance throughout the morning.
  • Ripple(XRP) is currently trading at $1.1.

The Ripple price analysis is favorable, as a rapid slump brought the market below its previous low. When XRP/USD moved back toward the $1.10 level, indicating strong demand at decreased prices, it was greeted with strong buying pressure.

It is clear that XRP/USD has encountered strong buying pressure when it dropped to $1.08. The level proved to be a tough hurdle for sellers, who are struggling to push the price back down(XRP). On the upside, if XRP breaks above $1.20, it may continue its way

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

On the 4-hour chart, we can see Ripple price rapidly recover to $1.10 overnight, suggesting a lot of bullish momentum building.

Ripple Price Analysis: XRP/USD set to break above $1.5 today 1
XRP/USD 4-hour chart. Source: TradingView

Technical indicators on the 4-hour chart show a bullish reversal pattern from last week. There is still room for further gains in the short term, underpinned by ripple news suggesting that SBI Virtual Currencies will launch XRP trading at the end of this month.

Ichimoku cloud on the daily chart shows support around $1.04 and resistance at $1.12.

The price of XRP/USD recorded a rapid surge higher this morning, following yesterday’s low at the $0.94 handle. Since recording this low, the market has moved back above $1.00 and is currently testing resistance at $1.10. It is important to note that during last Friday’s decline, the market broke below its previous low at $0.98 (strong support) and also broke below the Ichimoku Cloud on the daily chart. This decline brought the price down to $0.94—a level that has provided increased buying pressure this morning.

The 4-hour chart is showing positive signs above $1.00. The Relative Strength Index(RSI) is steadily increasing being above 50 levels. The MACD indicator is in the bullish zone with the signal line pointing to the north. Ripple price analysis on the 4-hour chart shows that XRP/USD moved toward $1.20 but stopped around $1.19, at which point it turned back to the downside.

Ripple briefly rebounded after the sell-off, suggesting that more highs may be in store. On October 16th, XRP hit a peak of $1.18, which caused another drop.

Ripple’s price fell yesterday, and it gradually declined to $1.10. The bearish trend subsequently strengthened, resulting in a rise to $1.02. After dragging XRP/USD back toward $1, bullish momentum returned once again.

Ripple Price Analysis: Conclusion 

Ripple’s price is on the rise today, having erased any further losses over the previous 24 hours, bringing XRP back to $1.10. As a result, we anticipate that XRP/USD will continue to climb throughout the afternoon.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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