- Ripple price analysis is bullish today.
- XRP/USD regained bullish momentum overnight.
- Local resistance at $1.20 broken.
Ripple price analysis is bullish today as we saw a break above the previous consolidation area after a rally overnight. Therefore, XRP/USD is set to continue higher later today and look to set a strong higher high.
The overall cryptocurrency market moved in the green over the last 24 hours. Bitcoin gained 3.03 percent, while Ethereum 3.09 percent. Meanwhile, the rest of the top altcoins followed the majors, with a gain of around 1-3 percent.
Ripple price movement in the last 24 hours: Ripple moves above the previous consolidation at $1.20
XRP/USD traded in a range of $1.17 – $1.22, indicating moderate volatility over the last 24 hours. Trading volume has declined by 4.75 percent and totals $2.577 billion, while the total market cap trades around $57.27 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP set to rally today?
On the 4-hour chart, we can see the Ripple price action continuing higher after a break above the $1.20 previous resistance.
Ripple price action saw bearish momentum last week. After moving to $1.30 on the 8th of November, more upside followed with a quick spike to $1.35 on the 10th of November.
From there, a quick drop lower followed, leading XRP/USD to $1.12 for a brief moment. Reaction higher followed, with the market stabilizing around $1.16-$1.20 price area.
After consolidating over the weekend, a move higher began overnight. The previous local resistance at $1.20 was clearly broken, leading the Ripple price action to the $1.22 mark, with further upside likely to follow later today.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we saw the $1.20 previous resistance broken after a strong push higher in the morning. Therefore, we expect XRP/USD to continue higher later today, likely leading to a strong higher high set.