- Ripple price analysis is bullish today.
- XRP/USD retraced 15 percent.
- Support found around $0.78.
Ripple price analysis is bullish today as we expect the current retracement to end soon, leading to another push higher over the weekend. Likely XRP/USD will break above the $0.935 current high and move towards the $1 mark next.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, lost 0.64 percent, while Ethereum 3.34 percent. Meanwhile, Terra (LUNA) is the worst performer, with a loss of over 10 percent.
Ripple price movement in the last 24 hours: Ripple retraced to $0.78, prepares for another push higher
XRP/USD traded in a range of $0.7894 – $0.8662, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 30.9 percent, totaling $2.875 billion. Meanwhile, the total market cap trades around $39.6 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP set to reverse today?
On the 4-hour chart, we can see bullish momentum so far today, indicating that the current retracement has likely ended.
Ripple price has seen a slow recovery over the past week. After a strong spike lower last Friday, the new major swing low was set at $0.60, with a strong reaction higher immediately.
This week, several higher highs and lows were set as XRP/USD slowly recovered, with the $0.85 offering resistance initially. Break higher followed on Wednesday, leading to another strong local higher high set a day later.
Since then, we have seen the Ripple price retrace again, with support potentially found overnight around $0.78 after a 15 retracement. This retracement is likely enough, and bulls are ready to push higher over the upcoming days to continue the overall week-long recovery.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we expect more upside to follow after a substantial retracement earlier this week. Likely XRP/USD will move to set another higher high, with the next major resistance seen at the $1 mark.