Ripple Price Analysis: XRP slowly moves higher, will the $1.20 resistance be reached today?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD retraced overnight.
  • Another higher high set yesterday.

Ripple price analysis is bullish today as a clear higher high and low has been set over the last 24 hours. Therefore, the current retracement should lead XRP/USD to the $1.20 resistance later today.

Ripple Price Analysis: XRP slowly moves higher, will the $1.20 resistance be reached today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.49 percent, while Ethereum is down by 1 percent. Dogecoin (DOGE) is among the worst performers, with a loss of 6.4 percent.

Ripple price movement in the last 24 hours: Ripple sets higher high at $1.18

XRP/USD traded in a range of $1.12 – $1.19, indicating substantial volatility over the last 24 hours. Trading volume has declined by 17.2 percent and totals $3.26 billion, while the total market cap trades around $53.17 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP ready to move higher today?

On the 4-hour chart, we can see the Ripple price preparing for another push higher after a retracement set a higher local low overnight.

Ripple Price Analysis: XRP continues moving higher, will the $1.20 resistance be reached today?
XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen a strong bullish momentum return so far this month. After a strong push higher on the 1st of October, XRP/USD initially peaked at around $1.10. 

After some consolidation below the resistance, another spike higher was seen on the 9th of October, leading Ripple above $1.20. What followed was a retracement to the $1.10 previous resistance, with a higher low set. 

Since then, Ripple price has slowly traded higher, setting several local higher highs and lows. Overall, we expect XRP/USD to see further upside over the next 24 hours as a small retracement has set a base from which to rally further again.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as a new higher low was set overnight after a higher high was set yesterday. Therefore, we expect XRP/USD to continue higher later today.

While waiting for Ripple to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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