Ripple Price Analysis: XRP/USD set to break $0.90 resistance soon

Chainlink price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD rejected downside at $0.76.
  • XRP/USD is currently trading at $0.78.

Ripple price analysis is bullish today as we expect more upside to follow after a retracement to $0.76 yesterday. Likely XRP/USD is now ready to break higher and move to test the previous local high at $0.81.

Yesterday, as XRP/USD broke below our first support level at $0.80, we were looking for a retracement to test the break lower. As price action moved to decline into support at $0.78, it remained supported and gave us a good bounce back up through the first resistance level at $0.80 to see the price make a retest of the initial resistance at $0.81. Ripple buyers managed to push XRP/USD above this level and looked like they would continue higher, but the gains were quickly rejected as we saw the price hit our second resistance level at $0.82 before pulling back slightly lower.

Ripple price movement in the last 24 hours: Ripple finds support at $0.76

Ripple price analysis today shows the XRP/USD is moving to retest support at $0.80, which has provided good buying pressure in the past. If price action can push below this level, we expect further declines towards our third support level at $0.76 and fourth support level at $0.74 before some upside is likely seen again.

The technical indicators within the market are still in our favor, and we look for a break above $0.82 to bring in further buying pressure before a break is higher. On the other hand, if XRP/USD fails to maintain downside momentum, we expect some more declines today towards our first support level at $0.78, which will be the next zone of good buying interest.

The trading volume within the market has been relatively low, and we need to see it pick up again before we can see further gains. We believe this will happen as XRP/USD tests $0.80 and buyers push price-action back above $0.82 for a break higher in the short term towards $0.88 and $0.90 before sellers bring the market back down again to test support at $0.80 or lower as we head into next week.

XRP/USD 4-hour chart: XRP looks to break $0.78

We can see bullish momentum returning overnight on the 4-hour chart, with the $0.78 mark recently tested.

Ripple Price Analysis: XRP/USD set to break $0.90 resistance soon 1
XRP/USD 4-hour chart. Source: TradingView

Ripple’s price has shown signs of recovery this week. After a brief test of another lower low on January 10, XRP/USD reversed and advanced beyond $0.78, the previous barrier.

On Wednesday, XRP topped out at $0.81, establishing a solid local higher high. A modest retracement following has established a higher low around $0.76 since then.

From an opening price of $0.77, XRP/USD has increased 1.59%. The next major resistance area is at $0.85, which may provide an additional push for gains to hit our targets at $0.81 and then $0.90 soon after that.

The Ripple price may continue to rise if another negative development isn’t discovered. The $0.81 previous high is the first barrier to be broken, with the next one at $0.85.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as we have seen a higher low set around $0.76. Likely XRP/USD will continue higher from there, moving to $0.81 resistance next.

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.

[wp-faq-schema title="FAQs" accordion=1]
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Related News

Hot Stories

Solana price analysis: SOL declines in value to $33.7 after strong bearish trend
Contentos Vietnamese blockchain community launches NFT collection with the support of Contentos Foundation
NEO Price Prediction 2022-2031: Is it Good to Invest in NEO now?
HBAR Price Prediction 2022-2031: Hedera Hashgraph Soon to Retest its ATH?
Neo price analysis: NEO continues bullish flight as price touches $8.70

Follow Us

Industry News

NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?
Crypto Exchange OKX blacklisted in Russia due to unclear grounds