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Ripple Price Analysis: XRP slowly rallies from $1.10 support, set to breach previous high?

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TL;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.

Ripple Price Analysis: XRP slowly rallies from $1.10 support, set to breach previous high? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: XRP starts to rally from $1.10 support, set to breach previous high?
XRP/USD 4-hour chart. Source: TradingView

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.

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.

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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.

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