- Ripple price analysis is bullish today.
- XRP/USD is currently trading at $0.6008.
- Strong buying pressure was seen overnight.
Ripple price analysis is bullish today, as we anticipate more upside to follow after yesterday’s decline was rejected. As a result, XRP/USD should continue to rise and return further from the previous loss.
As we mentioned above, XRP/USD has reached a critical point where we will monitor price action closely due to resistance building up around $0.7430 and support forming around $0.56, as highlighted in my previous analysis below.
The chart above shows that XRP/USD broke yesterday’s low near $0.56 to trade at around $0.5510 aftermarket opening hours. However, as soon as price action overcame this level, it went ahead to break above yesterday’s high of $0.5866 – creating a new daily high of $0.5914 so far today.
Ripple price movement in the last 24 hours: Ripple starts to retrace
XRP/USD completed today’s recovery off of yesterday’s lows, as it managed to close above $0.56. It remains unclear whether the upside momentum will continue, but if so, we expect further gains towards $0.75.
Further resistance above this level will then be located at $0.75 (September 14th high), marked with a black horizontal line on the daily chart below. As price action approaches $0.75, significant opposition should be expected, so further buying pressure could remain in play if price action manages to break through this key resistance level again.
As previewed yesterday, XRP/USD was bearish, as price action moved below the significant support level at $0.56. However, good news for Ripple traders is that the expected rebound has materialized following a strong buying pressure overnight.
Conversely, immediate support lies around the $0.56-$57 area. A break of this support level would indicate that Ripple price analysis may continue lower towards the next support located at $0.49 (September 19th low). Buying pressure will then increase if price action manages to break above $0.75.
XRP/USD 4-hour chart: XRP moves back above $0.60
Now that the initial bearish momentum has faded, XRP/USD is trading at $0.6105, up from the opening price of $0.56736. We now have to look ahead and monitor how XRP/USD will perform going forward as a resistance level is forming around $0.6430, and the support level is found at $0.56.
On the 4-hour chart, Ripple’s price is up around 0.2% to $0.6070 at writing. This comes after XRP/USD reversed yesterday’s decline by breaking above the resistance level, holding back its advance near $0.66. The upside move was backed by strong buying pressure, as seen by an increase in both volume and total market capitalization. While today’s upwards move is positive, XRP/USD must break through a significant resistance level at $0.6430 to confirm that momentum is indeed changing for good after yesterday’s bearishness. On the other hand, support forming around $0.56 could be critical if it fails to hold against any downward pressures over the next few hours.
Since then, the Ripple price action has seen a higher reaction. Overnight, bulls pushed XRP/USD back above $0.60, with no signs of slowing down. Therefore, XRP is headed for a very bullish move today.
Ripple Price Analysis: Conclusion
The subsequent three sessions are crucial for Ripple traders as there are high chances that XRP/USD will move to retest either support level at $0.56 or resistance level at $0.66 before deciding on which direction to head next. Either way, today’s bullish momentum is expected to continue, but our support and resistance levels might change if the price change suddenly shifts. Therefore, keep an eye out for any changes in these regions throughout today’s trading sessions.
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.