logo

Ripple Price Analysis: XRP/USD to break above the $1.5 resistance next

Ripple price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD regained bullish momentum overnight.
  • Local resistance at $1.20 broken.

The price of Ripple is up today, as we emerged above the previous consolidation region after an overnight advance. As a result, XRP/USD will continue to rise later today and attempt to establish a solid higher high. The target of this bullish rally would be at $1.30-35, depending on the momentum (stronger if the price breaks above $1.20).

Local resistance ahead is seen at $1.20 and between $1.22-25 (where the lower high was formed). Higher still, significant resistance is located at $1.50, followed by more substantial levels at $1.75 and then near $2.

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 to $1.22 throughout today’s session, which indicates little movement. Trading volume has decreased by 4.75 percent and stands at $2.577 billion, while the overall market value is around $57 billion, placing XRP in 7th place among cryptocurrencies.

XRP/USD 4-hour chart: XRP set to rally today?

On the 4-hour chart, we can see that after reaching the $1.20 resistance, Ripple’s price continued to rise, breaking above it and continuing higher.

Ripple Price Analysis: XRP/USD to break above the $1.5 resistance next 1
XRP/USD 4-hour chart. Source: TradingView

On the 4 hour timeframe, we can see some weak bullish signs for Ripple as a double bottom pattern is forming. If it holds, a rally to around $1.20/30 could be possible on the back of a large symmetrical triangle consolidation region. However, if the downward momentum resumes inside the triangle, then XRP/USD will likely re-test support at $0.8545/50 first before targets below are tested again.

Looking at the 4-hour chart, we can see that Ripple’s price established a range of $1.17-22 in today’s session. XRP/USD traded above it to set up a higher low at $1.29. This would be positive if confirmed by further upside later today, which is likely considering Bitcoin just broke out, leading many other altcoins to follow suit ( Dash, Monero, etc.).

Ripple looks poised to extend its gains overnight, as it just battled through major resistance at $1.20 – regaining bullish momentum in the process. The next target for XRP/USD will be around $1.30-, depending on whether or not the momentum remains intact. We should be aware that short-term drops could still occur from here, as XRP/USD established a lower high at $1.22 today – another bearish sign that may suggest the current movement is just another dead cat bounce.

However, if Ripple breaks above $1.20 for good and manages to keep trading higher, we can expect much stronger buying pressure, leading to $1.30-. If this happens later today, the likely target would be near $1.35 or even $1.40, depending on how bullish momentum unfolds in the next few hours.

A move higher began overnight, after the stock was consolidated over the weekend. The previous local support at $1.20 was easily shattered, pushing the Ripple price action to around $1.22 before settling below it today.

Ripple Price Analysis: Conclusion 

The Ripple price is currently optimistic, as we broke the $1.20 resistance after a decisive advance in the morning. As a result, we expect XRP/USD to rise further today, potentially leading to a high set.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Related News

Hot Stories

Ethereum ICO whale address moves 145,000 ETH after 3 years of dormancy 
Polkadot price analysis: DOT resurges to $9.20, consolidation below $10 continues
Bitcoin, Ethereum, Quant, and EOS Daily Price Analyses – 14 August Roundup
How to Stake Klima Tokens 2022 (Complete Guide)
Cardano price analysis: ADA sets up bullish move after rising above $0.55 barrier

Follow Us

Industry News

BlueBenx halts withdrawals after $32 million hack
Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?