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Ripple Price Analysis: XRP still holds above $1.10, a rapid reversal to follow?

Cryptopolitan


TL;DR Breakdown

  • Ripple price analysis is bullish for today.
  • XRP/USD continues to trade above $1.10 support.
  • Ripple is set to rally today.

Ripple price analysis is bullish today as the market continued to respect the $1.10 support over the last 24 hours after the failed attempt to break through yesterday. Therefore, we expect XRP/USD to reverse later today and start regaining some of the losses seen earlier this week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, has lost 1.21 percent, while Ethereum is down by 0.87 percent. Ripple (XRP) is among the worst performers, with a loss of 1.18 percent.

Ripple price movement in the last 24 hours: Ripple retests the $1.10 support

XRP/USD traded in a range of $1.11 – $1.19, indicating mild volatility over the last 24 hours. Trading volume totals $4.73 billion, down by 21.45 percent from yesterday. Meanwhile, the total market capitalization trades around $52.4 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP set to reverse today?

On the 4-hour chart, we can see the Ripple price rejecting further downside again, indicating an upcoming reversal.

Ripple Price Analysis: XRP still holds above $1.10, reversal to follow?
XRP/USD 4-hour chart. Source: TradingView

The Ripple price action has traded with a strong bullish momentum over the past month. After setting a new major swing low of around $0.52, XRP/USD rallied by more than 160 percent to the current swing high of $1.35. 

From the $1.35 swing high, Ripple saw a quick retracement to the $1.105 mark, setting another higher low. However, further rally resulted in a slightly lower low set around $1.30. From there, XRP retraced, with the $1.10 mark this time acting as support.

Overall, since a slightly higher low is set, the market direction is still bullish, and we can expect further upside to be seen later this week. As long as the $1.10 support holds, XRP/USD should see a return back to test the $1.35 previous high.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish as the market keeps holding above the $1.10 support after a decline yesterday. Therefore, we expect XRP/USD to set a new higher low and continue higher later today back towards the $1.35 current swing high.

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.



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