- XRP supported around $0.35.
- XRP/USD trades at $0.38.
- The first resistance for XRP, still at $0.50.
Ripple price prediction for today is bullish as the market has retraced most of the last weeks` gain and currently consolidates around $0.35.
Cryptocurrency heat map Source: Coin360
The overall market is still very bullish. Most of the altcoins are in the green, with Ethereum up 7 percent and the market leader, Bitcoin, up 5.6 percent, while slowly starting to reverse. Therefore, the second half of today could lead to a reversal of some of the gains.
Ripple price prediction: XRP continues to consolidate around $0.35, prepares for a move higher
XRP/USD opened at $0.372 after XRP spent most of yesterday in a consolidation. A critical support level of $0.35 still holds. Therefore we could see a reversal in the upcoming 24 hours.
Resistance levels at $0.50, $0.55, and $0.62 can be used as profit targets. Considering the volatility of XRP/USD, it is best to reduce position sizing.
Ripple price movement in the last 24 hours
Ripple has moved in a range of $0.3575 -$0.4043 during the last 24 hours, indicating a reduction of volatility. A sharp drop of over 67 percent has led to a trading volume of $10.3 billion. Ripple has calmed down over the last 24 hours and established a base from which to reverse to the upside.
XRP/USD 4-hour chart – Volatility has decreased, will XRP reverse?
Looking at the 4-hour chart for XRP/USD, we can see a clear support area established above the $0.35 price mark. After testing it on the 2nd of February, Ripple moved slightly higher and currently trades in an increasingly tighter range.
XRP/USD 4-hour chart. Source: TradingView
Ripple has seen very volatile price action over the past few days. The volatility jump for Ripple started on the 29th of January, when XRP/USD broke above a several week descending triangle pattern.
The result was a move towards the $0.50 resistance, which was broken after a brief rejection. Ripple then soared all the way towards the $0.755 new yearly high. This move for Ripple resulted in an overall gain of 200 percent.
Since the $0.755 high on the 1st of February was set and immediately rejected, Ripple has continued moving lower. Currently, XRP/USD trades around the $0.35 support, which has previously acted as very strong resistance in January. Therefore, the analyst expects Ripple to reverse back to the upside in the upcoming days.
There are several target resistances for Ripple on its way up. The first is located around the psychologically important $0.50 mark. Second, around the previous minor support of $0.55. Thirdly, there’s another at $0.62, where Ripple previously closed a very volatile 4 hours bearish pin-bar.
How high Ripple could go on the way back up is hard to predict. However, another move higher is expected. This would allow additional sellers to come in and potentially push XRP lower once more.
Therefore, the analyst predicts a reversal back to the upside in the upcoming 24 hours or even days.
Ripple Price Prediction: Conclusion
Overall, the Ripple price prediction is bullish as the market has retraced a lot in a short period of time. The XRP/USD price action indicates that we shouldn’t see further downside. The market seems oversold right now. Therefore, the price of XRP should reverse to the upside. The analyst expects Ripple to reach at least $0.55 on its way up the charts.
This move could lead towards another several week or month triangle pattern being formed, with XRP trading in an increasingly tighter range. This kind of prediction, however, is still premature. Ripple needs to show further price action in order to confirm this prediction.
For now, the best option would be to look for a long position with a target set towards the previously mentioned resistance levels of $0.50 and $0.55.
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.