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.
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 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.
