Ripple Price Analysis: XRP rejects downside at $0.73, ready to reverse?

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD set another lower low at $0.73 yesterday.
  • Bullish momentum slowly returns.

Ripple price analysis is bullish today as we expect the $0.75 local resistance to be broken, potentially opening up the way for further advance. XRP/USD finding low at $0.73 could potentially be the end of the several-day decline for now as bears are finally exhausted.

Ripple Price Analysis: XRP rejects downside at $0.73, ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

The market has returned to bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 0.07 and 1.43 percent, respectively. Meanwhile, Ripple (XRP) follows with over a 1 percent gain.

Ripple price movement in the last 24 hours: Ripple tests further lows at $0.73, rejected higher

XRP/USD traded in a range of $0.7359 – $0.7511, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 35.65 percent, totaling $1.03 billion, while the total market cap trades around $35.78 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP breaking $0.75 resistance

On the 4-hour chart, we can see the Ripple price action currently breaking higher, potentially leading to a reversal over the next days.

Ripple Price Analysis: XRP rejects downside at $0.73, ready to reverse?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has returned to bearish momentum over the past days. After previously failing to set further higher high above $0.81, a lower low was set at $0.79 on the 16th of January.

From there, XRP/USD declined by over 8 percent to the $0.73 mark, which was briefly broken yesterday. Since then, XRP has moved higher to the $0.75 resistance, which previously acted as support.

Therefore, the next target for the Ripple price action is the $0.76 local high. If it is broken, XRP/USD could see the end of the current decline and look to move back towards previous highs later in the week.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as we expect more upside after a strong rebound from the $0.73 previous low. Therefore, XRP?USD will likely move to test the previous local high at $0.76 later today.

While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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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