- Ripple price analysis is bullish today.
- XRP/USD saw a quick drop to $1.12 late yesterday.
- XRP recovered overnight.
Ripple price analysis is bullish today as a higher low was set in a strong drop lower yesterday. Since rejection of further selling followed overnight, we expect XRP/USD to reverse and start heading higher again.
The overall cryptocurrency market traded mostly with bearish momentum over the last 24 hours. Bitcoin lost 1.82 percent, while Ethereum 0.57 percent. Meanwhile, Hex (HEX) was among the top performers, with a gain of 12.5 percent.
Ripple price movement in the last 24 hours: Ripple sets higher high at $1.35, swiftly retraces to $1.12
XRP/USD traded in a range of $1.13 – $1.35, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 76.76 percent and totals $8.215 billion, while the total market cap trades around $58.45 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: drops to $1.12, starts to recover
On the 4-hour chart, we can see bullish momentum returning this morning for the Ripple price with volatility calming down.
Ripple price action saw bullish momentum return during the first week of November. After a consolidation below $1.16 last month, a spike lower followed on the 27th of October. From there, XRP/USD returned to $1.16 by the end of the month.
Bullish momentum continued, leading Ripple above the previous high as it set a strong higher high at $1.26 on the 4th of November. From there, a retracement that set clear higher low at $1.10 followed before the next push higher to $1.30.
After a slight retracement, a quick spike higher followed late yesterday to $1.35. However, bulls could not sustain this price level for long, leading to a massive selloff overnight to $1.12. Since then, the Ripple price action has recovered most of the loss, likely leading to more upside later today.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as a strong higher low was set at $1.12, leading to recovery over the past hours. Therefore, we expect XRP/USD to continue higher and regain more of the loss seen overnight.