in

Ripple Price Analysis: XRP retests $1.05 once more, will we see a slow reversal today?


TL;DR Breakdown

  • 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.

Ripple Price Analysis: XRP retests $1.05 once more, will we see a slow reversal today? 1
Cryptocurrency heat map. Source: Coin360

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.

Ripple Price Analysis: XRP retests $1.05 once more, will we see a reversal today?
XRP/USD 4-hour chart. Source: TradingView

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.

While waiting for Ripple to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Sen. Elizabeth Warren calls crypto the ‘new shadow bank‘

Sen. Elizabeth Warren calls crypto the ‘new shadow bank‘

Is Ripple vs SEC nearing a conclusion? XRP Price Seems to be Under Pressure! - Coinpedia - Fintech & Cryptocurreny News Media

Is Ripple vs SEC nearing a conclusion? XRP Price Seems to be Under Pressure! – Coinpedia – Fintech & Cryptocurreny News Media