- XRP breaks $0.46.
- Next resistance at $0.50.
- Closest support at $0.40.
Today’s ripple price prediction is bullish as the market has pushed above the $0.46 resistance. XRP should push higher later on as another higher-high was set. XRP`s next target to the upside is located at the psychologically important $0.50 mark.
The overall market is in the green today. BNB continues to skyrocket towards higher values and leads the top altcoins in performance. Bitcoin and Ethereum also continue gaining ground after a brief retracement.
Ripple price prediction: XRP slowly breaks $0.46, prepares to test $0.50
XRP/USD opened at $0.45 after another attempt to move towards $0.50, as mentioned in our previous Ripple price prediction. Earlier, a break above the $0.46 resistance finally invalidated a several day consolidation area around $0.42-$0.46. Therefore, XRP should see another push towards $0.50 soon.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.4239 – $0.4852. Ripple`s volume of over $10 billion, is up by 53 percent. Therefore, Ripple has regained strength and market interest. Ripple`s market cap has increased by 7 percent to $20.6 billion, indicating that Ripple is building momentum to push higher again.
XRP/USD 4-hour chart – Ripple breaks above consolidation
Looking at the 4-hour chart for XRP/USD, we can see a fake breakout yesterday from the previously mentioned several day consolidation around $0.42 – $0.46. After Ripple briefly tested $0.40, a sharp rejection was made. From there, XRP moved higher again and broke the $0.46 resistance.
Therefore, XRP has set both a lower low and a higher high, indicating increased volatility. However, Ripple`s higher high should indicate bulls regaining control.
Overall, Ripple has continued to consolidate after a severe bullish move to the upside at the end of January, which led to XRP`s new all-time high of $0.75. After a strong rejection, XRP moved lower and found support at $0.35. This resulted in a small rebound towards $0.46, which has acted as a strong resistance since.
As mentioned, Ripple price has breached this resistance earlier today. Therefore, Ripple starts to look bullish again. The next target to the upside is located around the $0.50 price mark. First, we will likely Ripple spending some time in consolidation as it looks to build strength for further upside.
If Ripple moves above $0.50, the next target is seen all-the-way towards $0.55, which would offer a quick 10 percent gain if traded as a breakout trade. From the $0.55 area, Ripple could reverse in a major way once again as XRP/USD would have regained much of the loss seen during the first days of February.
Alternatively, if XRP/USD cannot sustain its momentum and reverses again, it will likely test the $0.40 support. If the support around $0.40 is broken, Ripple’s price action would clearly indicate loss of momentum. This should lead Ripple towards the previous major reversal area at $0.35. From there on, the analyst expects Ripple to continue to consolidate for several weeks as it did in December.
Ripple Price Prediction: Conclusion
Ripple price prediction for today is bullish as the market has set a higher high. The next target to the upside is seen at $0.50. Further on, Ripple should move to $0.55. Alternatively, if Ripple breaks back below $0.40, a medium-term reversal could take Ripple price much lower.
Right now, Ripple should continue consolidating around $0.46-$0.45 as it prepares for another push higher. A long position could be taken once further price action develops and further downside is rejected.
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