Ripple price analysis: Ripple spikes lower before push above $1.10?
2 min readTL;DR Breakdown
- XRP retested $1.10 resistance yesterday.
- Support found at $0.95 as of now.
- Next resistance target at $1.20.
Ripple price analysis is bullish for today as the market has retraced and prepares to set another higher low. Therefore, we expect XRP/USD to move to $1.20 resistance over the weekend.
The overall market trades in the red over the last 24 hours. BTC trades with almost a 6 percent loss, while ETH at 8.2 percent. Rest of the altcoin market follows a similar trend.
XRP/USD opened at $1.04 today after a neutral close yesterday. Overnight, the Ripple price started to retrace and reached $0.92 mark over the past hours. Therefore, we should see a higher low set and another push higher over the weekend.
Ripple price movement in the last 24 hours
XRP/USD traded in a range of $0.9202 -$1.05, indicating a moderate amount of volatility. Trading volume has increased by 10.55 percent and totals $4.3 billion. Meanwhile, the total market cap trades at $42.6 billion, ranking the cryptocurrency in 7th place.
XRP/USD 4-hour chart – XRP spikes lower
On the 4-hour chart, we can see Ripple prices moving lower over the past hours to set a higher low.
The overall market continues reversing from the previous major retracement from the $1.70 last swing high. Support was finally found around the $0.64 mark and from there the market started to prepare for a move higher.
First, we saw a rebound to $1.10 mark and from there, XRP/USD reversed to $0.80 mark, setting a higher low. From there, the Ripple price set a higher high at the $1.10 resistance, indicating that the price structure has shifted back to bullish.
Currently XRP/USD prepares to set a higher low, indicating that we should see another higher high set over the weekend. The first target is located at the $1.20 mark and from there ETH price will likely push higher with an increased momentum until a further all-time high is set.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish as the market continues setting higher lows to reverse the current several-week bearish momentum. Therefore, we can expect XRP/USD to move to $1.20 next resistance over the weekend.
While waiting for further Ripple price action development, read our latest guides on how to buy Cardano, mine Zcash, and BTC dominance.
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