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Ripple Price Analysis: XRP retraces to $0.90, market ready to continue higher?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD retraced 11 percent yesterday.
  • Support was found at $0.90.

Ripple price analysis is bullish today as we expect the $0.90 to prevent further downside. Likely XRP/USD will consolidate and set a clear higher low later today before more upside is seen.

Ripple Price Analysis: XRP retraces to $0.90, market ready to continue higher? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum are both in the red, with a loss of 0.68 and 0.94 percent. Meanwhile, Ripple (XRP) is the worst performer, with a loss of over 6 percent.

Ripple price movement in the last 24 hours: Ripple retraces to $0.90

XRP/USD traded in a range of $0.8991 – $0.9888, indicating substantial volatility over the last 24 hours. Trading volume has declined by 0.71 percent, totaling $3.4 billion. Meanwhile, the total market cap trades around $43.9 billion, ranking the coin in 7th place overall.

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

On the 4-hour chart, we can see the Ripple price finding strong support at the $0.90 mark overnight, likely indicating that a higher low has been set.

Ripple Price Analysis: XRP retraces to $0.90, market ready to continue higher?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen a strong bullish momentum return over the last week. After previously slowly declining, support was found at $0.76 before the first higher lows were set.

XRP/USD initially spiked to $0.90, with further upside following after a quick retracement. XRP has moved even further by Thursday, reaching the $1 mark before ultimately peaking below $1.02.

Yesterday, a swift retracement of around 12 percent followed, leading to a retest of the $0.90 previous resistance as support. Therefore, the Ripple price action has likely established a strong higher low and is now ready to move higher again.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as a strong higher low has likely been set at $0.90. Likely XRP/USD is ready to move higher again, with the $1.02 previous high being the resistance to break next.

While waiting for Ripple to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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