TL;DR Breakdown
- 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.
Until then, see our latest news on Tesla driving Bitcoin price or read our Litecoin Price Forecast: 2021-2025
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