TL;DR Breakdown
Ripple price analysis is bullish today.XRP/USD found another higher low at $0.82.Bullish momentum returned over the last hours.
Ripple price analysis is bullish today as we expect another push higher to soon follow the higher low set at $0.82. Likely XRP/USD will look to move towards the $0.90 mark as it is the next major resistance.
Cryptocurrency heat map. Source: Coin360
The market has moved mostly in the green over the last 24 hours. The leader, Bitcoin, lost 0.18 percent, while Ethereum gained 0.19 percent. Ripple (XRP) is also still slightly in the red, while Cardano (ADA) is the top performer with over 11 percent gain.
Ripple price movement in the last 24 hours: Ripple retraces to set another higher local low
XRP/USD traded in a range of $0.8206 – $0.8441, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 26.21 percent, totaling $2.1 billion, while the total market cap trades at $40.46 billion, resulting in a dominance of 6th place.
XRP/USD 4-hour chart: XRP ready to continue higher?
On the 4-hour chart, we can see the Ripple price action attempting to move higher again, likely leading to further upside tested by the end of the day.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen a steady advance that was seen last week continue over the past days. From the previous local swing low at $0.80, XRP/USD rallied towards $0.85 next major resistance, leading to another higher local high set at $0.865.
Therefore, the overall market structure has become increasingly bullish. The current retracement has also set a strong higher low, indicating that the momentum is still strong.
Overall, considering the current Ripple price action development, we expect more upside to follow as the $0.82 mark has likely reversed the market once more. The previous local high should be tested soon and, if broken, should lead to a lot more upside later in the week.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we expect more upside to follow after another higher low was set at $0.82 earlier. Likely XRP/USD will break past the current local high over the next 24 hours and continue its way to the $0.90 next major resistance.
While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.
