Ripple price analysis is bullish today as we expect another attempt to move higher from the $0.40 support. Therefore, XRP/USD should head back to the $0.44 local high and attempt to break through, which would be a signal that more upside is to follow next week.
Cryptocurrency heat map. Source: Coin360
The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 3.62 percent, while Ethereum 3.93 percent. Meanwhile, the rest of the market has followed close by.
Ripple price movement in the last 24 hours: Ripple fails to breach upside, returns to $0.40 support
XRP/USD traded in a range of $0.4032 to $0.4244, indicating substantial volatility over the last 24 hours. Trading volume has declined by 21.98 percent, totaling $1.29 billion, while the total market cap trades around $19.88 billion, ranking the coin in 6th place overall.
XRP/USD 4-hour chart: XRP ready to push higher?
On the 4-hour chart, we can see the $0.40 preventing further downside again, indicating that another move higher will follow over the next 24 hours.
XRP/USD 4-hour chart. Source: TradingView
Ripple price action has seen consolidation form over the past days after retracement from the $0.34 ow was seen on 12 May 2022. Resistance was found at $0.46, with retracement to $0.40 the following day, setting a consolidation area.
From there, XRP/USD moved sideways, with lower local highs set several times and the $0.40 mark tested as support. Since bears could not regain control, we saw the current local high set at $0.44 again yesterday, indicating that the market is still indecisive.
Additionally, the current test of $0.40 support shows signs of strength, likely leading back to the upside next. If Ripple price action can break above $0.44, a lot more upside can be expected over the next days. Alternatively, we could see the $0.40 support finally break down early next week.
Ripple price analysis: ConclusionÂ
Ripple price analysis is bullish today as the market has retested the $0.40 support and shows signs of rejection. Therefore, XRP/USD is ready to reverse and look to break higher local high later in the weekend.
While waiting for Ripple to move further, see our articles on how to buy BTT, Elongate, and CRO coins.
