Ripple price analysis is bullish today.XRP/USD made another test of downside this morning.Swift reaction higher seen over the last hours.
Ripple price analysis is bullish today as we expect the last tests of downside to have established a strong higher low. Therefore, XRP/USD has a good base from which to reverse and continue testing further downside later in the week.
Cryptocurrency heat map. Source: Coin360
The market has traded with slight bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, are up by 0.71 and 1.08 percent, respectively. The rest of the top altcoins have performed with similar results.
Ripple price movement in the last 24 hours: Ripple continues rejecting downside below $0.75
XRP/USD traded in a range of $0.7456 – $0.7759, indicating substantial volatility over the last 24 hours. Trading volume has declined by 14 percent, totaling $1.93 billion, while the total market cap trades around $36.8 billion, resulting in a market rank of 6th place.
XRP/USD 4-hour chart: XRP ready to rally?
On the 4-hour chart, we can see the Ripple price swiftly rejecting another test of the downside, meaning more upside should follow soon as a higher low has been set.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen steady series of higher lows over the past weeks. After the initial higher local high was set at $0.78 on the 10th of March, XRP/USD formed an ascending support trendline by retracing to $0.72.
From there, a swift spike higher followed on the 11th of March, leading to a very strong higher high set at $0.85 early on the next day. Another swift retracement followed over the next days, bringing the price of Ripple back to the support trendline.
Over the past days, the trendline has further offered support many times as the Ripple price action reacts higher each time the $0.75 mark is tested. Overall, XRP/USD should soon rally as clear signs of a strong higher low have been set around the current price levels.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we have seen more rejection of downside around the $0.75-$0.76 support area. Therefore, XRP/USD has likely established a strong base from which to continue higher over the rest of the week.