Ripple Price Analysis: XRP slowly rallies from $1.10 support, set to breach previous high?
2 min readTL;DR Breakdown
- Ripple price analysis is bullish for today.
- XRP/USD rallied overnight.
- XRP set to reach a new higher high.
Ripple price analysis is bullish for today as a new higher high was set yesterday, and the market price started to rally from there. Therefore, we expect XRP/USD to see further advance today and try to set another higher high above the $1.35 mark.
The cryptocurrency market traded in the green over the last 24 hours as the market leaders, BTC and ETH, are up by 6 and 8 percent, respectively. Ripple (XRP) is among the best performers, with a gain of 10.43 percent.
Ripple price movement in the last 24 hours: Ripple begins to rally from $1.10 support
XRP/USD traded in a range of $1.09 – $1.26, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.68 percent and totals $7 billion, while the total market capitalization traded around $57.5 billion, ranking the cryptocurrency in 6th place overall.
XRP/USD 4-hour chart: XRP targets $1.35 next?
On the 4-hour chart, we can see the Ripple price action rallying overnight as bulls look to break above the $1.35 resistance.
Ripple price action has traded with a strong bullish momentum over the past month. After finding support around $0.52 on the 20th of July, XRP/USD started to rally and broke past the previous swing high of $1.10 on the 14th of August.
From there, further upside followed until the $1.35 mark was reached. Bulls lacked the momentum to push the market higher over the following days, and a retracement of around 20 percent followed the $1.10 previous resistance level.
Yesterday, we saw the Ripple price consolidate above this support as a base to move higher was established. Overnight, XRP/USD started to rally and moved past the local high of $1.20, indicating a reversal back to the upside.
Overall, we expect Ripple to continue moving higher later today and try to breach the $1.35 current swing high next, with the next target located around $1.50.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as bulls have started to push the market higher after establishing a higher low around the $1.10 mark earlier this week. Therefore, we expect XRP/USD to try to breach the $1.35 previous high next and move further to the $1.50 next significant resistance.
While waiting for Ripple to move further, read our articles on BTC Futures, Decentralized Exchanges, and NFT Marketplace.
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