Ripple price analysis is bullish today.XRP/USD saw a strong spike lower this morning.Reaction higher seen over the last hours.
Ripple price analysis is bullish today as we have seen another clear higher low set with a quick spike towards the previous ascending trendline. Therefore, XRP/USD is ready to rally further and will likely look to return towards $0.85 previous high.
Cryptocurrency heat map. Source: Coin360
The market has advanced again over the last 24 hours. The leaders, Bitcoin and Ethereum, gained 0.49 and 3.44 percent, respectively. Meanwhile, Ripple has followed with a 2.13 percent gain.
Ripple price movement in the last 24 hours: Ripple peaks at $0.80, spikes to the previous trendline
XRP/USD traded in a range of $0.7623 – $0.7969, indicating substantial volatility over the last 24 hours. Trading volume has increased by 4.38 percent, totaling $2.22 billion, while the total market cap trades at $38 billion, resulting in a market rank of 6th place.
XRP/USD 4-hour chart: XRP ready to continue higher?
On the 4-hour chart, we can see strong rejection for downside as the market spiked to $0.76 support, indicating more upside should soon follow.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has continued to set a series of higher lows over the past week. A clear trendline has been established along the way, with several tests since.
After a massive spike higher over the last weekend, a new strong higher high was set at $0.85. The following retracement set clear higher low, further indicating strength.
Since then, bullish momentum has slowly returned, leading to the $0.80 mark yesterday. More upside should follow soon, with the current spike lower likely removing any further selling pressure.
Ripple price analysis: Conclusion
Ripple price analysis is bullish today as we have seen a quick spike lower met with strong rejection. Therefore, the market is likely ready to rally further and should target the $0.85 previous high soon.