- Ripple price analysis is bullish today.
- XRP/USD found support at $1.20 overnight
- Ripple returns below $1.22
Today’s Ripple price analysis is bullish, as we saw strong upward momentum over the last 24 hours, bringing XRP back above $1.25. As a result, XRP/USD will most likely rise further in the next 24 hours.
The overall market traded with bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained 4.89 and 3.89 percent. Meanwhile, XRPwas the top performer from the major altcoins, with a gain of over 9 percent.
Ripple price movement in the last 24 hours: Ripple rejects downside at $1.20, regains loss
XRP/USD has been trading in a range of $1.2192 to $1.2774 for the past 24 hours, showing little volatility during that time period. The volume on the market has increased by 14.63 percent and stands at $2.7 billion, putting XRP in 7th position among all cryptocurrencies as a whole.
XRP/USD 4-hour chart: XRP looking to continue higher?
On the hourly chart, we can see that ripple’s bullish momentum is still strong, suggesting that it will continue to rise throughout today.
Ripple’s price rose strongly this week, with a strong higher high set. Following a sizable drop on the 27th of October, XRP/USD established a solid lower low below the $1 barrier, suggesting a bearish market structure.
However, from October 30th to the end of October, there was a sharp reversal followed by a consolidation of around $1.10. On Wednesday, XRP rose to new heights and eventually peaked at $1.26, establishing a solid higher high. As a result, the market provided a loud indication that bulls were in control.
The Ripple price decline in the days since has been modest. Last night’s rapid decline to $1.10 establishes a new low. The XRP/USD rate then rose, returning the price above $1.16. Overall, we should see more upside over the next 24 hours as buying pressure continues to be strong.
Ripple Price Analysis: Conclusion
Ripple price is currently in a strong uptrend as a solid higher low was established above $1.10 yesterday, allowing for more gains over the last 24 hours. As a result, we believe that XRP/USD will continue to rise over the next 24 hours.