Ripple price analysis is bullish today as we expect further retrace after a massive spike lower was met with a strong reaction higher. Therefore, XRP/USD is ready to move higher and continue targeting the $0.57 next major resistance.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 0.28 percent, while Ethereum lost 0.75 percent. Meanwhile, Ripple has declined by 3.66 percent and was one of the worst decliners of the day.
Ripple price movement in the last 24 hours: Ripple sets a higher low at $0.48
XRP/USD traded in a range of $0.4809 to $0.528, indicating substantial volatility over the last 24 hours. Trading volume has increased by 15.06 percent, totaling $2.6 billion, while the total market cap traded at $24.83 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: Ripple ready to continue higher?
On the 4-hour chart, we can see bullish momentum slowly returning, likely leading to further upside over the next 24 hours.
Ripple price action has traded with steady bullish momentum over the past days. After the last swing higher low was set at $0.042 at the end of September, XRP/USD saw an initial spike to $0.05.
From there, XRP quickly retraced and set a higher low, leading toward another push higher last week. This time, further upside was regained, slowly leading back toward the previous high.
However, for now, we can see Ripple price action peaking at $0.054, resulting in a quick retrace of 10 percent that has set another clear higher low. Likely XRP/USD will continue even higher later in the week and look to finally break past the $0.55 swing high.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we have seen strong retrace and clear support found at $0.048. Therefore, XRP/USD should continue even higher over the next days and look to reach even further upside.