logo

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.

[the_ad_placement id=”writers”]

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.

Related News

Hot Stories

Avalanche partners with Alibaba Cloud to launch new validators
Binance Coin price analysis: BNB/USD bearish as prices slip to $1.00
Cardano price analysis: ADA rebounds to $0.324 after bullish behavior
Ethereum price analysis: ETH/USD continues to hover around $1,290 with a minor bearish bias
S. Korean court rejects arrest warrant for Terra co-founder Shin

Follow Us

Industry News

Avalanche partners with Alibaba Cloud to launch new validators
S. Korean court rejects arrest warrant for Terra co-founder Shin
FTX ex-president plans new crypto startup
MetaMask founder comments on Apple's demand for a 30% cut of the NFT gas fee
Stripe unveils new crypto to fiat feature

Add Your Heading Text Here