- Ripple price analysis is bullish today.
- XRP/USD found support at $1.10 yesterday.
- Ripple returns above $1.16.
Ripple price analysis is bullish today as we saw strong bullish momentum over the last 24 hours leading XRP back above $1.16. Therefore, XRP/USD will likely continue higher over the next 24 hours.
The cryptocurrency market traded in the green over the last 24 hours. Bitcoin gained 2.2 percent, while Ethereum 4.23 percent. Meanwhile, Binance Coin (BNB) is the top performer, with a gain of 9 percent.
Ripple price movement in the last 24 hours: Ripple rejects downside at $1.10, regains loss
XRP/USD traded in a range of $1.11 – $1.18, indicating strong volatility over the last 24 hours. Trading volume has increased by 14.63 percent and totals $2.7 billion, while the total market cap trades around $55.1 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looking to continue higher?
On the 4-hour chart, we can see bullish momentum still strong for the Ripple price action, likely leading to further upside later today.
Ripple price action saw a strong higher high set this week. After a substantial spike lower on the 27th of October, XRP/USD established a strong lower low below the $1 mark, indicating a bearish market structure.
However, a sharp reversal followed by the end of October, leading to a consolidation of around $1.10. On Wednesday, XRP spiked to further heights, eventually peaking below $1.26, setting a strong higher high. Therefore, the market sent a clear signal that bulls are in control.
Since then, the Ripple price action has slowly retraced. Yesterday, a swift drop to $1.10 established a higher low. From there, XRP/USD moved higher, returning the price above $1.16. Overall, we should see further upside over the next 24 hours as buying pressure is still strong.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as a strong higher low was quickly set above $1.10 yesterday, leading to further upside over the last 24 hours. Therefore, we expect XRP/USD to continue higher over the next 24 hours.