- 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.
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 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.