- XRP retests support at $0.54.
- Closest resistance at $0.58.
- XRP/USD is set to move higher later today.
Today’s Ripple price prediction is bullish as the market still respects support around the $0.54 mark. Therefore, until this support is broken, we expect XRP to move higher over the next hours in an attempt to move above the resistance at $0.60
Cryptocurrency heat map. Source: Coin360
The overall market is in the green today as a slight price increase is seen for most altcoins. Market leader, Bitcoin, is up by 2.27 percent, while Ethereum remains relatively flat at 0.87 percent. From the major altcoins, Binance coin and Stellar have posted the best results with an upside of 5.6 and 7 percent, respectively.
Ripple price prediction: Ripple continues to consolidate above $0.54, prepares for another attempt to move higher?
XRP/USD opened at $0.547 today after a small rejection for further upside yesterday around the $0.58 resistance. Right now, the Ripple price structure indicates that support around $0.54 holds the market from moving any lower. Therefore, until it is broken, Ripple should see further upside over the next 24 hours. The first target to the upside is located at the $0.58 resistance.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.5466 – $0.5624, indicating a low amount of volatility. Meanwhile, trading volume has dropped by 22.89 percent and totals $3.3 billion. The total market cap still stands above $25 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP continues respecting support at the $0.54 mark.
On the 4-hour chart, we can see Ripple retesting the support at $0.54 once again over the last hours. So far, further downside is rejected, indicating that the market likely prepares to move higher later today to make another attempt at breaking above the $0.58 resistance.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has seen extreme volatility over the past week. After a very sharp increase of around 40 percent, XRP set a new several week high around the $0.60 mark on the 22nd of March. What followed was a rejection for further upside with extreme volatility, which resulted in a break below the $0.54 support.
The bearish momentum took the Ripple price lower in a couple of hours all the way back towards the support area around $0.45. From there, the market saw extreme rejection for further downside and another fast reversal to the upside. XRP/USD found resistance at $0.57 and retested to $0.54 level as support shortly after. Since then, Ripple has consolidated above the $0.54 support with an increasingly tighter range.
Right now, XRP/USD tests the $0.54 support once again, and if XRP continues rejecting further downside, we should see another push higher over the next 24 hours. The first target to the upside is located around the $0.58 mark. Next, we have the previous swing high reversal point at $0.60, which would mean a gain of around 9-10 percent if reached from the current price level.
Therefore, if the previously seen bullish Ripple price momentum continues, we could see another higher high set next week, leading the overall market structure to attempt to break a new all-time high.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market rejects further downside as of now. This should lead the price of XRP/USD towards another push higher over the next 24 hours as bulls attempt to break the resistance at $0.58 again.