- Ripple price analysis is bullish today.
- XRP/USD found support at $1.16.
- Buying pressure slowly returns.
Ripple price analysis is bullish today as a new higher low will likely be established at the $1.16 mark, leading to a reversal. Therefore, we expect XRP/USD to move back above $1.22 and continue higher from there.
The cryptocurrency market traded mostly in the red over the last 24 hours. Market leaders, Bitcoin and Ethereum, declined by 1.86 and 1.55 percent, while Hex (HEX) is the top performer, with a gain of 24 percent.
Ripple price movement in the last 24 hours: Ripple reverses again after consolidating around $1.22
XRP/USD traded in a range of $1.16 – $1.24, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 41.84 percent and totals $4.78 billion, while the total market cap trades around $55.7 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looking to reverse above $1.16?
On the 4-hour chart, we can see previous resistance at $1.16 currently holding the Ripple price action from moving lower, likely resulting in a reversal later today.
Ripple price action has seen strong bullish momentum over the past weeks. After a quick spike to $0.97 on the 27th of October, XRP/USD reversed and broke above the previous resistance area around $1.16.
A new swing high was set at $1.25, with the following retracement setting a strong higher low at $1.10. From there, XRP continued higher over the last weekend, moving to $1.30 at first, and spiking to $1.35 after some retracement.
After a strong higher high was quickly set, a strong reaction lower took the Ripple price to $1.12. XRP/USD strongly rejected further downside, moving into a consolidation around $1.22 yesterday. This morning we see another test of the downside, likely resulting in a higher low set and more upside from there.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as another local higher low currently gets established above $1.16. Therefore, unless we see a further drop, we assume XRP/USD will continue higher later today.