Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Ripple Price Analysis: XRP continues to slowly consolidate around $1.10, higher low set?

2 min read

TL;DR Breakdown

  • Ripple price analysis is bullish for today.
  • XRP/USD continued to consolidate around $1.10 overnight.
  • XRP is likely to test further upside today.

Ripple price analysis is bullish today as the $1.10 still holds, and the market consolidated around the support overnight. Therefore, we expect XRP/USD to attempt another move higher later today.

Ripple Price Analysis: XRP continues to slowly consolidate around $1.10, higher low set? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market trades with mixed results today. BTC and ETH have lost around 1 percent, while Ripple has seen a slight upside of 2.36 percent.

Ripple price movement in the last 24 hours: Ripple still holds above $1.10 support

XRP/USD traded in a range of $1.07 –  $1.19, indicating a good amount of volatility. Trading volume has decreased by 12 percent and totals $6.6 billion, while the total market capitalization trades around $52.62 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP prepares to move higher?

On the 4-hour chart, we can see the Ripple price still holding above the $1.10 support, which should lead towards another attempt to move higher today.

Ripple Price Analysis: XRP continues to consolidate around $1.10, higher low set?
XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen a substantial advance over the past month. After establishing a swing low around the $0.52 mark, XRP/USD started to rally and has since increased by 160 percent to the $1.35 high.

However, any further upside was rejected earlier this week, sending the Ripple price action in a retracement over the past few days. Support was eventually found around the $1.10 mark, where previous resistance was seen on the 11th of August.

Overall, this price action development for XRP/USD indicates that another higher low is set. Unless the market breaks lower, we expect another rally to follow later this week, with the next major resistance target located at the $1.50 mark.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for the next 24 hours as the market holds above the $1.10 mark. Unless a strong push lower is seen later today, we expect XRP/USD to start rallying again and start its way to the $1.50 next significant resistance.

While waiting for Ripple to move further, read our articles on BTC Futures, Physical BTC, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply