- Ripple price analysis is bullish today.
- Strong resistance is found at $1.24
- Strong support for XRP is found at $1.11.
The XRP rallied high today as bulls continue to dominate the price function. The Ripple price analysis shows that XRP is on an upwards trend again today, as XRP/USD has gained significant value over the past week, rising from $0.99 to $1.19, which is quite an achievement for the coin. From 28th October, the cryptocurrency is on the rise, with correcting for one day in between on 1st November and continuing upside again from yesterday, i.e., 2nd November.
The Ripple has failed to achieve another all-time high for quite a long time, but the crypto pair has improved well over the last month and maintained above the $1 psychological level.
XRP/USD 1-day price chart: Ripple receives positive market sentiment
The 1-day price chart for Ripple price analysis shows that the coin rallied high today as it is receiving positive market sentiment. Ripple has covered upside from $1.13 to $1.19 today, as the coin is trading hands at the later value at the time of writing. XRP/USD reports a gain in value by 8.24 percent over the last 24 hours and a gain in value by 7.8 percent over the course of the last seven days. The trading volume also increased by 55 percent, and the market cap improved by 8.8 percent.
The volatility for XRP is slowly increasing as the Bollinger bands have started to show divergence, with the upper band at $1.17 representing support for XRP/USD pair and the lower band at $1.02.
The relative strength index (RSI) shows hot buying activity in the market for XRP, as it is trading at index 62 on an upwards curve in the upper half of the neutral zone, going near the overbought zone.
Ripple price analysis: Recent developments and further technical indications
The 4-hour Ripple price analysis shows that the bullish momentum is quite strong as the coin has been on the rise for the last 28 hours, slowing down during the last four hours of the previous day session and then again spiking higher with the highest spike observed during the current hours.
The volatility on the 4-hour chart is quite high as the Bollinger bands show vast expansion. Along with the increasing volatility, Ripple is also a little oversold on the 4-hour chart, as the RSI is at index 74, in the overbought region due to intense buying, but the RSI is still on an upwards curve and hasn’t reversed yet, indicating the continuation of the buying activity.
Ripple price analysis: Conclusion
The Ripple price analysis shows that the coin’s price has been going up since yesterday and continues upside today. As it has already entered the over-bought limit, there are chances for a correction to take place in the coming hours. But as the RSI on both charts suggests the intense buying, we are confident enough to observe a $1.20 breakout in the coming hours as well.
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