- XRP retests resistance at the $0.58 mark.
- Ripple broke minor resistance at $0.54.
- Ripple likely to test the previous high at $0.60 over the weekend.
Today’s Ripple price prediction is bullish as the market continues moving with a very bullish momentum towards the previous high at $0.60. If the market can continue its current momentum, we are set for a new higher several-week high over the weekend.
Cryptocurrency heat map. Source: Coin360
The crypto market is in the green today. Market leader, Bitcoin, is up by 4.69 percent and has a market dominance of 61 percent. Most major altcoins are up by around 10 percent as some of the loss seen over previous days is regained.
Ripple price prediction: Ripple continues moving towards $0.60, new higher high soon?
XRP/USD opened at $0.51 after the market spiked to retest $0.45 earlier this week. Since the bullish Ripple price momentum has already reached close to the previous major reversal area around $0.58-$0.60, we should see some rejection later today. If XRP/USD manages to set a new local swing high, the overall price structure will start to become bullish again.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.4956 – $0.575, indicating a good amount of volatility for the cryptocurrency. Trading volume has decreased by 11 percent and totals $6.2 billion, meaning that the upwards pressure is the result of limited selling pressure overall. Total market capitalization stands at $25.4 billion, ranking the coin in 7th place.
XRP/USD 4-hour chart – XRP test previous resistance as a support
On the 4-hour chart, we can see that the price approached the $0.58 resistance level earlier today. A little rejection was initially seen as the market briefly moved back towards the previous support/resistance level of $0.54. Therefore, Ripple will likely attempt to move higher again over the upcoming hours.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has seen huge volatility this week again. After reaching $0.60 on Monday, the market started to consolidate above $0.54. On Wednesday, the Ripple price sentiment changed dramatically, and the market started selling off at a very rapid pace. In just a couple of hours, support at the $0.45 mark was reached, and a further downside was rejected.
What followed was an equally strong push to the upside over the past 24 hours. Ripple pushed back above the $0.54 mark and found resistance just below $0.58. Since then, some minor rejection has been made, indicating that we could see another significant reversal over the weekend.
Suppose the current minor support around $0.54 can hold the market from moving lower. In that case, we should see the previous significant swing high of $0.60 broken over the upcoming 24 hours, which would be a very bullish signal for the overall price structure.
Alternatively, if Ripple cannot move higher, we could see the market push towards the $0.49 previous resistance turned support. This would likely result in XRP/USD forming a consolidation range again with increasingly lower lows and highs. From there, the price of Ripple would probably build a base from which to move higher at the end of next week.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market continues moving with solid bullish momentum. However, XRP has reached an extreme resistance around the $0.58-$0.60 area.
Much depends on whether Ripple can sustain its momentum. If we see XRP moving above the $0.60 mark, we can expect the overall several bullish price action to continue next month.
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