Ripple price analysis is bullish today.XRP/USD saw rejection at $0.72 yesterday.Consolidation followed overnight.
Ripple price analysis is bullish today as we expect another higher low to be set, leading to another push higher over the weekend. Likely XRP/USD will set another higher high next and target the $0.80-$0.81 next resistance area.
Cryptocurrency heat map. Source: Coin360
The overall market has moved with mixed results over the last 24 hours. Bitcoin lost 0.36 percent, while Ethereum remained practically flat with a 0.06 percent loss. Ripple has seen a slight increase of 0.27 percent as recovery is starting to take place.
Ripple price movement in the last 24 hours: Ripple consolidates above $0.72
XRP/USD traded in a range of $0.7283 – $0.7507, indicating substantial volatility over the last 24 hours. Trading volume has declined by 26.26 percent, totaling $1.99 billion, while the total market cap trades around $35.26 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP on its way higher?
On the 4-hour chart, we can see bullish momentum slowly returning for the Ripple price as another higher low was set yesterday.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen steady consolidation in an increasingly tighter range over the past week. After several tests of $0.70 support and lower local highs set, the trading range became very narrow at the beginning of the week.
A rapid break higher followed on 9th of March, quickly leading to new higher local high set at $0.78. From there, XRP/USD swiftly retraced early yesterday, finding a higher low at $0.72.
Overall, this Ripple price action development indicates a bullish market structure has been set. Unless the current support level is broken, we expect XRP/USD to see a lot more upside over the weekend.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we have seen both higher high and low set over the past days. Therefore, XRP/USD should see an upsurge over the weekend, potentially reaching the $0.80 next resistance.