Ripple price analysis is bullish today as we have seen a weak decline benign met with support at $0.40. From there, XRP/USD pushed higher, likely as bulls want to retrace even further from the previous several-day loss.
Cryptocurrency heat map. Source: Coin360
The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 4.13 percent, while Ethereum 4.8 percent. The rest of the top altcoins declined even further, with a 6-10 percent loss.
Ripple price movement in the last 24 hours: Ripple fails to drop further, tests upside again
XRP/USD traded in a range of $0.3987 – $0.4331, indicating strong volatility over the last 24 hours. Trading volume has declined by 25.95 percent, totaling $1.63 billion, while the total market cap trades around $20.86 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP looks to retest $0.46 next?
On the 4-hour chart, we can see Ripple price action trading higher again, likely as bulls want to retrace the market even further.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen a strong decline over the first half of May. However, the bearish momentum could soon change as around 50 percent has been lost since the last swing high at $0.65.
The strong rejection for further downside on Thursday could be the first indication that the trend is about to shift. Additionally, the following reaction higher and attempt to continue lower indicates weakness for sellers at the moment.
Since ETH/USD has currently set a higher low at $0.40, we could soon see a strong confirmation for a trend reversal in the form of a higher-high set at $0.46. In this scenario, we could be looking at the start of a new several-week rally.
However, for now, it is still too early to tell. If the $0.46 resistance prevents further downside, Ripple could break down again. In this case, the $0.34 low is a key level to watch.
Ripple price analysis: ConclusionÂ
Ripple price analysis is bullish today as we have seen a higher low set at $0.40 after failure to decline further. Therefore, we could see a major shift in momentum if the $0.46 resistance gets broken and a strong local higher high is set.Â
While waiting for Ripple to move further, see our articles on how to buy BTT, Elongate, and CRO coins.
