TL;DR Breakdown
- Ripple price analysis is bullish today.
- XRP/USD made another test of the downside this morning.
- It made a swift reaction to the upside over the last hours.
Ripple price analysis is bullish today as we expect the last tests of the downside to establish a strong higher low. Therefore, XRP/USD has a good base to reverse and continue testing the downside later in the week.
The market has traded with a slight bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, are up by 0.71 and 1.08 percent, respectively. The rest of the top altcoins have performed with similar results.
Ripple price movement in the last 24 hours: Ripple continues rejecting downside below $0.75
XRP/USD traded in a range of $0.7456 – $0.7759, indicating substantial volatility over the last 24 hours. Trading volume has declined by 14 percent, totaling $1.93 billion, while the total market cap trades sits at $36.8 billion, resulting in a market rank of 6th place.
XRP/USD 4-hour chart: XRP ready to rally?
On the 4-hour chart, we can see the Ripple price swiftly rejecting a retest of the downside, meaning more upside should follow soon as it sets a higher low.
Ripple price action has seen steady series of higher lows over the past weeks. After it set the initial higher local high at $0.78 on the 10th of March, XRP/USD formed an ascending support trendline by retracing to $0.72.
From there, a swift spike higher followed on the 11th of March, ending with a very strong higher high set at $0.85 early on the next day. Another swift retracement followed over the following days, bringing the price of Ripple back to the support trendline.
Over the past few days, the trendline has offered further support many times as the Ripple price action reacts higher each time the $0.75 mark is tested. Overall, XRP/USD should soon rally as it already shows strong signs of setting a new higher low around the current price levels.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we have seen more rejection of the downside around the $0.75-$0.76 support area. Therefore, XRP/USD has likely established a strong base to continue upwards over the rest of the week.
While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.
