- XRP supported around $0.35.
- XRP/USD trades at $0.38.
- The first resistance for XRP, still at $0.50.
Today’s Ripple price prediction is neutral as the market starts to consolidate again after moving above $0.40 resistance.
Cryptocurrency heat map Source: Coin360
Ripple price prediction: XRP peaks at $0.48, slowly prepares for further upside
XRP/USD opened at $0.445 after a breakout from the previously mentioned resistance around $0.40. Right now, XRP/USD consolidates once again, indicating that Ripple is preparing for another move. The direction is still not clear; however, considering how sharp the drop was previously, Ripple should see further upside and test at least the $0.50 price mark.
Therefore, the Ripple price prediction is still bullish. The analyst expects Ripple to continue to regain some of the loss seen on the 1st of February.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.3840 – $0.4723 during the last 24 hours. An increased volume of $14.4 billion, up by 82 percent from yesterday, indicates an increasing interest for the market. After a break above the $0.40 mark, Ripple moved higher late yesterday, leading to a new local high set around $0.48.
XRP/USD 4-hour chart – several indecision candles printed
Looking at the 4-hour chart for XRP/USD, several indecision candles have been made. Ripple spent overnight consolidating and preparing for the next move. Therefore, we should see XRP/USD moving either towards the $0.50 resistance or the $0.40 later on today.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has seen several volatile days in a row this month. After a sharp increase that began at the end of January, XRP/USD set a new yearly high at $0.75. Following the rapid upswing, Ripple lost most of the gain with a sharp move towards $0.35.
Afterward, Ripple spent several days consolidating around the $0.35 – $0.4 area. Some support was also provided by the 50-period moving average. This resulted in a break above the $0.40 yesterday and a new local high set around $0.48. Since then, Ripple has consolidated in an increasingly tighter range.
Ripple price should see a breakout to either side in the upcoming hours. A move above $0.45 would likely cause Ripple to continue higher towards the next psychologically significant number of $0.50. Alternatively, if Ripple moves below $0.43, we should see XRP/USD heading to test the $0.35 support once again.
From there on, Ripple could continue further consolidation. If XRP/USD moves below $0.35, the analyst predicts another strong bearish move to the downside. The next support that Ripple would test is around $0.25. However, if this level is reached, XRP/USD market structure would turn very bearish for the upcoming months.
Alternatively, the bullish scenario should lead towards the $0.50 level, where the next resistance is located. This move would indicate that Ripple is still looking to go higher. Next resistance targets located at $0.55 and $0.62 levels should provide upside potential for Ripple.
Ripple Price Prediction: Conclusion
Ripple price prediction for today is bullish. However, much depends on whether XRP can reject further downside. If XRP moves above the $0.45 mark, a long position could potentially be taken towards the $0.50 price level. From there on, it is crucial to see how XRP will react.
For now, the best option is to wait for further price action development. Ideally, Ripple should test the downside with a rejection, followed by further higher highs over the upcoming 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.