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Ripple price analysis: XRP retests trendline around $0.76; ready to rally? 

Ripple Price analysis

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD endured a sharp drop this morning.
  • Recovery bounce seen over the last hours.

Ripple price analysis is bullish today as see clear indications of the token setting a higher low with a quick spike towards the previous ascending trendline. XRP/USD may be ready to rally further and return to the previous highs of $0.85.

Ripple price analysis: XRP retests trendline around $0.76; ready to rally?  1
Cryptocurrency heat map. Source: Coin360

The market continues to grow over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 0.49 and 3.44 percent, respectively. Meanwhile, Ripple has followed with a 2.13 percent gain.

Ripple price movement in the last 24 hours: Ripple peaks at $0.80, spikes to the previous trendline

XRP/USD traded in a range of $0.7623 – $0.7969, indicating substantial volatility over the last 24 hours. Trading volume has increased by 4.38 percent, totaling $2.22 billion, while the total market cap trades at $38 billion, resulting in a market rank of 6th place.

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

On the 4-hour chart, we can see strong rejection for downside as the market spiked to $0.76 support, indicating more upside movement.

Ripple price analysis: XRP retests trendline around $0.76, ready to rally?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has continued to set a series of higher lows over the past week. A clear trendline has been established along the way, with several tests since.

After a massive spike over the last weekend, it set a new strong higher high at $0.85. The retracement that followed set a clear higher low, further indicating strength.

Since then, bullish momentum has slowly returned, leading to the $0.80 mark yesterday. More upside should follow soon, with the current spike lower likely removing any further selling pressure.

Ripple price analysis: Conclusion 

Ripple price analysis is bullish today as we have seen a quick dip met with strong rejection. Therefore, the market is likely ready to rally further with sights on the previous high of $0.85 as a long-term target.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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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