Ripple price analysis: Ripple retests $0.80 support, prepares to push higher?
2 min readTL;DR Breakdown
- XRP moved sideways overnight.
- Support at $0.80 still holds.
- Next resistance at $0.90.
Ripple price analysis is bullish for today as a further downside was prevented yesterday. Therefore, unless the $0.80 support breaks, we can expect XRP/USD to move back above the $0.90 mark early next week.
The overall market trades with a small gain over the last 24 hours. BTC and ETH are up by 1.4 percent, with the rest of altcoin market trading with similar results.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $$0.8099 – $0.8431, indicating a moderate amount of volatility. Trading volume has decreased by 5 percent and totals $2.5 billion. Meanwhile, the total market cap stands at $38.3 billion, ranking the cryptocurrency in 7th place.
XRP/USD 4-hour chart – support at $0.80 still holds
On the 4-hour chart, we can see XRP/USD failing to set a lower low yesterday, indicating that bulls are ready to push higher.
The overall market still moves sideways after a strong retracement in May. A sharp rejection was set at the $0.64 mark, indicating that bears are exhausted.
From there, the Ripple price action established resistance around the $1.10 mark and the market could not move any higher from there.
Earlier this week, support around $0.80 was retested again, indicating that there is still strong selling pressure in the market. After a slight higher high on Wednesday, Ripple moved lower again until the $0.80 support was retested for the third time.
Since XRP/USD could not move past the support, we can assume that further upside will be seen next week, with the next target at $1.10 resistance. Once the $1.10 mark breaks, we can expect Ripple price action to start rapidly pushing higher over the following weeks.
Alternatively, if the $0.80 mark finally breaks, we expect XRP/USD to rapidly move to $0.64 mark.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish as the market price retested the $0.80 support again over the past 24 hours. Since further downside was not seen, we can expect XRP/USD to start trading higher early next week and push avoe the closest resistance at $0.90.
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