- Ripple price analysis is bullish for today.
- The 24-hour chart on the XRP/USD pair shows that price action is bullish.
- Bulls are preparing to break the daily resistance.
Ripple price analysis: General price overview
XRP was following a favorable trend on the previous day’s Ripple price analysis chart. However, this bullish movement was halted by solid selling pressure when the daily price analysis chart set in, causing the prices to drop sharply to the lowest level on the daily price analysis chart. The bulls seemed to be on the drawing board strategizing a possible attack that would alter the current negative trend. The bulls congregated in large numbers and amassed enough power to establish solid support that reversed the bearish trend, causing Ripple to surge.
The 24-hour chart on the XRP/USD pair shows that price action is bullish. As a result, XRP/USD price is expected to rise in the following 24 hours. Currently, Ripple is trading at $1.07, a 6 percent increment in the last 24 hours.
However, Ripple is unable to break through the exponential moving average. The daily Ripple price analysis chart shows that the token is trading at $1.07. Ripple was advancing in bullish momentum in the early trading hours, resulting in head and shoulder formations. However, this trend was altered by a declining wedge pattern set off by the bears, which reached its intraday low of $1.07 during early trading hours.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency is bleeding. The largest digital currency, BTC, is trading at $47.8K, a 0.04 percent price drop. Before the recent price dip occurred, Bitcoin was trading in a bullish trend, and it had surpassed its target of $50K. Bitcoin’s closest competitor ETH trades at $3.4K recording a drop of 0.89 percent. XRP/USD is trading in a promising trend, recording a 1.76 percent price surge.
XRP/USD 4-hour chart: XRP/USD is bullish
On the 4-hour chart, we can see the Ripple price setting a higher low overnight, indicating bullish momentum to come over the weekend.
XRP/USD 4-hour chart. Source: TradingView
On the four-hour price analysis chart, the MACD line has repeatedly crossed through the red line. This shows that buyers have been attempting to reverse the bearish trends for a long time before finally overcoming solid support, which made the price surge.
The BoP indicator is neutral as the buyers and sellers have the same strength. However, the bull power seems to be overwhelming the bears, leading to a price surge in the coming trading sessions.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as a new higher low was set overnight above the $1.05 support. If the buyers continue dominating the market, We expect the price of XRP/USD to surge in the next 24 hours.
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.