- XRP finds support at $1.30 overnight.
- Closest resistance at $1.50.
- Next resistance at $1.65.
Today’s Ripple price prediction is bullish as the market rejected further downside with a very strong pin bar candle formed overnight. Therefore, bears are likely exhausted, and we should see XRP/USD move higher over the upcoming days.
The overall market trades in the red while slowly recovering the overnight loss. Bitcoin has returned above the $55,000 mark while still trading with a small loss of 2.4 percent. Ethereum is down by 2.3 percent as it also slowly attempt to recover the $4,000 price mark. Litecoin (LTC), Ripple (XRP), and Chainlink (LINK) are among the worst performers, with losses of around 5-6 percent.
XRP/USD opened at $1.39 after a strong bearish momentum yesterday resulted in a quick spike below $1.30 support. This price action development likely indicates exhaustion for further selling, meaning that we should see Ripple price move higher later this week, with the first major resistance around the $1.70 area.
Ripple price movement in the last 24 hours
XRP/USD price moved in a range of $1.25 – $1.55, indicating a good amount of volatility. 24-hour trading volume has spiked by almost 38 percent and stands at $11.2 billion. Meanwhile, the total market cap trades around $50 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP pauses after regaining some of the overnight loss
On the 4-hour chart, we can see XRP/USD setting a strong rejection for further downside overnight, indicating that the market is ready to reverse higher.
The overall market still struggles to establish a strong bullish momentum. After retracing more than 50 percent from the $1.95 all-time high, XRP/USD established a several-day consolidation around the $1.10 mark. From there, Ripple pushed higher at the end of April until the resistance around $1.45-$1.50 area was retested.
During the first days of May, the Ripple price already reached $1.70 resistance. However, a retracement to retest $1.30 support was made early last week. Laster, XRP/USD set a second higher high above the $1.75 mark, indicating that the market is still recovering. From there, Ripple consolidated above the $1.50 support for several days until a sharp spike lower was set late yesterday, with XRP/USD briefly reaching the $1.20 mark.
Earlier today, Ripple regained some of the loss and started trading around the $1.45 mark. Therefore, Ripple price established a clear signal that further downside is rejected, and we can expect further highs by next week.
The first target to the upside is seen at the $1.50 previous support. If Ripple cannot break above it, the overall market structure would turn bearish once again, and we would likely see another push lower, this time to the $1.10 support.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market rejected further downside overnight and starts to push higher. Currently, a slight consolidation around the $1.45 price level is seen as bulls pause before pushing the market higher. Therefore, we expect further upside over the next 24 hours, with the $1.70 mark broken by the end of this week.
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