Ripple price analysis: XRP consolidates above $0.60, move higher today?

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD consolidates above $0.60.
  • Higher high was set at $0.65 earlier this week.

Ripple price analysis is bullish today as we expect more upside to follow after a higher low was set around $0.60 on Thursday. Therefore, the current consolidation should lead XRP/USD to another test of upside over the weekend.

Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum slowly return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 1.69 and 2.12 percent. Meanwhile, Ripple (XRP) has seen a slight decline of around 1 percent.

Ripple price movement in the last 24 hours: Ripple holds above $0.60

XRP/USD traded in a range of $0.5934 – $0.6189, indicating moderate amount of volatility over the last 24 hours. Trading volume has declined by 21.49 percent, totaling $1.15 billion. Meanwhile, the total market cap trades around $29.34 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP ready to continue higher?

On the 4-hour chart, we can see the RIpple price building momentum to move higher this morning, likely leading to the $0.65 previous high later in the weekend.

Ripple price analysis: XRP consolidates above $0.60, move higher today?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen relatively calm trading this week. After a several day rally, XRP/USD set a strong higher high at $0.65 on the 26th of January, indicating bullish momentum returning for the overall market structure.

The following retracement set higher low around $0.60, further indicating bullish price action. Since then, XRP has moved sideways above the support, forming a strong base from which to move higher again.

Therefore, XRP/USD should see another attempt to push higher begin soon. This morning the Ripple price action has already slowly advanced, potentially meaning more upside is coming over the next hours.

Ripple price analysis: Conclusion 

Ripple price analysis is bullish today as we have seen clear higher low established around $0.60 over the last days. Likely XRP/USD is now ready to continue higher as a strong consolidation base has been established.

While waiting for Ripple to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.

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Written by 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.