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Ripple Price Analysis: Bulls mount support for XRP/USD price action, retracement tests $0.74 daily high

Ripple price analysis

TL;DR Breakdown

  • XRP/USD opening price of $0.6692 on today’s Ripple price analysis
  • Minimum price and maximum price of $0.6692 and $0.75179.
  • Ripple up by 3.4% in the last 24-hours

Ripple price analysis on the February 7th daily chart indicates an opening price of $0.6692. The price action is bullish, a direction that could be the result of an overall improvement across the general cryptocurrency market. For example, Bitcoin and Ethereum have added 2.95% and 2.69% to their 24-hour price. Coin360’s heatmap shows the overall market is painted green, with only a handful of altcoins recording losses. 

Ripple Price Analysis: Bulls mount support for XRP/USD price action, retracement tests $0.74 daily high 1
Source: Cryptocurrency Heatmap

Dogecoin has opened the week well after emerging as the top gainer of the day. The memecoin recorded a percentage gain of 4% on the daily chart and currently trades at $0.1574.

Ripple price movement over the Last 24-hours: Rising trading volumes suggest increasing support for XRP

The minimum price and maximum price for Ripple today are $0.6992 and $0.75179, respectively. Note that the minimum price is also the opening price. This indicates that Ripple has not recorded a downswing throughout the day to set any lower price below the morning level. The range is also substantive, a suggestion of high volatility at the start of the week. See the 1-day chart below and note the sharp green candlesticks extending from the daily low: 

Ripple Price Analysis: Bulls mount support for XRP/USD price action, retracement tests $0.74 daily high 2

Source: TradingView

At press time, Ripple (XRP) was trading at $0.7476. Coinmarketcap data indicates the daily trading volume spiked by 59% and tested $1,984,289,357. Meanwhile, the total market capitalization on today’s Ripple price analysis is $35 million, after rising by 12% in the last 24-hours. 

Ripple Price Analysis: Bulls mount support for XRP/USD price action, retracement tests $0.74 daily high 3
Source: CoinmarketCap

4-hour Ripple price analysis Chart: XRP/USD consolidating gains towards $0.8000.

To gauge the rising volume of Ripple (XRP) trades in the last 24-hours, we noted a gradual uptrend on the daily accumulation/distribution curve. Interestingly, the indicator rose from $1.708 to $1.718 over the last 4-hours.

Overall, the sentiment is in favor of the bulls on the daily chart, as shown by the major digital asset indicators. The price action has traded within a narrow range for the last 2-month but seems to be breaking out. At the start of this month, XRP bulls pushed the price to almost $0.63 before experiencing a downswing to a higher low near $0.50. 

Thereby creating a retracement back and hence preparation to dash upwards. Into the second month of 2022, buyers began consolidating significant gains that would end up pushing the price upwards. This made the bears pull away, finally opening the doors for a greater push beyond $065 and today’s daily high of $0.7476. We are expecting XRP/USD pair to keep gaining over the next 24-hours, thereby making this Ripple price analysis pretty bullish. 

Ripple Price Analysis: Bulls mount support for XRP/USD price action, retracement tests $0.74 daily high 4
Source: TradingView

Ripple price analysis conclusion

The majority of the indicators suggest strong support for buyers. The market is entirely trading in the green zone. In fact, most altcoins are trading in the direction of Bitcoin and granted that BTC has been making gains. All the rest of the market is slated to record further gains in the upcoming days. As we anticipate for Ripple to gain in the next 24-hours, take your time to go through more price analyses like this one and learn about the price action for Bitcoin, Ethereum, and Cardano

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.

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