- Ripple price analysis is bullish for today.
- XRP/USD retested the $1.05 for the third time.
- Ripple still looking to reverse to the upside.
Ripple price analysis is bullish today as the market saw a slightly higher low set overnight above the $1.05 support. Therefore, we expect XRP/USD to move higher later today and set a new higher high.
The cryptocurrency market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 1.89 percent, while Ethereum is up by 0.2 percent. Meanwhile, Avalanche (AVAX) is the best performer, with a gain of 17.35 percent.
Ripple price movement in the last 24 hours: Ripple retraced back to $1.05 support
XRP/USD traded in a range of $1.05 – $1.09, indicating low volatility over the last 24 hours. Trading volume has decreased by 2.64 percent and totals $2.9 billion, while the total market capitalization trades around $50.65 billion.
XRP/USD 4-hour chart: XRP looks to set higher high?
On the 4-hour chart, we can see the Ripple price setting a higher low overnight, indicating bullish momentum to come over the weekend.
The Ripple price action traded with low volatility over the past week. After a substantial spike lower on the 7th of September, the $0.95 mark was reached for a brief time.
From there, XRP/USD established a trading range around $1.05-$1.15. Over the week, the $1.05 support was retested twice, with clear rejection for further downside each time.
Overall this Ripple price action development has led to the $1.05 tested for the third time this week, with no clear higher highs yet, indicating a continuation for the consolidation. However, since a higher low was finally set overnight, we could soon see a break higher.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as a new higher low was set overnight above the $1.05 support. Therefore, we expect XRP/USD to move higher over the next 24 hours and look to break above the current high next.
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