Ethereum
$ 1,234.85 7.18%
Solana
$ 42.30 10.35%
Dogecoin
$ 0.069040 5.96%
ApeCoin
$ 4.64 4.60%
Bitcoin
$ 21,485.00 2.53%
BNB
$ 241.06 4.07%

Ripple price analysis: XRP continues consolidation at $0.40, upside still to be tested?

Ripple Price analysis 2022 05 22
TL;DR Breakdown
  • Ripple price analysis is bullish today.
  • XRP/USD saw further consolidation overnight.
  • Descending trendline of resistance currently tested.

Ripple price analysis is bearish today as we have seen another test of the $0.40 support and consolidation ever since. Therefore, XRP/USD is still to post another test of upside towards the $0.44 mark.

Ripple price analysis: XRP continues consolidation at $0.40, upside still to be tested? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.37 percent, while Ethereum gained 2.4 percent. Meanwhile, Avalanche (AVAX) gained over 5.6 percent and has been one of the top performers from the major altcoins.

Ripple price movement in the last 24 hours: Ripple consolidates above $0.40

XRP/USD traded in a range of $0.4105 – $0.4216, indicating mild volatility over the last 24 hours. Trading volume has declined 26 percent, totaling $892.55 million, while the total market cap trades around $20.28 billion, resulting in a market rank of 6th place.

XRP/USD 4-hour chart: XRP looks to break higher?

On the 4-hour chart, we can see bullish momentum slowly building up over the past hours, indicating that the $0.44 previous local high will be tested soon.

Ripple price analysis: XRP continues consolidation, upside still to be tested?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen consolidation continue over the past week and the $0.40 support. Slightly lower highs were set along the way, forming a descending triangle consolidation pattern.

However, XRP/USD trades in a very narrow range right now, indicating that a break to either side could soon follow. Considering the $0.40 support holding the market from further downside over the last 24 hours, a push higher should follow.

Therefore, if Ripple price action can push slightly higher over the next hours, we could quickly see a spike to $0.46 local major resistance. If it is broken, the market will turn even bullish for next week.

Ripple price analysis: Conclusion 

Ripple price analysis is bullish as consolidation slowly turns into upwards momentum. Therefore, XRP/USD should see another local push higher, potentially to the $0.46 major resistance.

While waiting for Ripple to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

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.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Cryptocurrency Investments To Make in a Bearish Market - Shiba Inu (SHIB), Dogecoin (DOGE), and RoboApe (RBA)
ISO 20022 compliant crypto-list
Bitcoin price analysis: Seller exhaustion makes BTC/USD knock at $21k resistance
Shiba Inu price analysis: SHIB expected to stay bullish for the next 24 hours

Follow Us

Industry News

Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users
BAYC caught in a public opinion storm over Nazi club NFT racism
ISO 20022 compliant crypto-list