TL;DR Breakdown
Ripple price analysis is bullish today.Ripple’s long-term prospects are exciting investors.Ripple is vulnerable to swings in price.
Although prices are still fluctuating, Ripple is presently bullish, with consolidation taking place and price increasing over the previous 24 hours. As a result, we anticipate XRP/USD to rise even more by the end of the week.
The Ripple market is flourishing, with XRP/USD showing its recovery from significant volatility levels following a period of inactivity. The price bottomed out at $0.61001. Since then, there has been consolidation.
The current price is $0.71636, with little resistance keeping it from dropping further down to this level, which now acts as resistance. This price is significant since it will tell us whether or not Ripple may continue its momentum. If consolidation above the resistance line fails, it would signal a reversal in the trend, whereas if it persists, the trend will stay bullish.
Ripple price movement in the last 24 hours: Consolidation and a test of resistance at $1.08 is expected in 24 hours
Ripple’s activity in the last 24 hours has been intense, but this hasn’t changed things significantly. XRP/USD was trading at $1.00 as of publication, having advanced to $1.08 before retreating to $0.76 in less than six hours. Volatility was high throughout this period. Since then, Ripple’s price has started to consolidate and has recently increased.
If the price manages to maintain an upward trend, we may see Ripple’s price climb even higher than $1.09 before consolidation begins again. The most significant resistance level is $1.10, with significant support at $0.73890, which acts as a strong barrier and will probably keep the price from experiencing substantial losses.
If these levels are broken, the next resistance level will be at $1.50, whereas if they don’t break, it may mean that Ripple is consolidating its recent gains and may eventually become bearish once again. We should expect XRP/USD to continue trending upwards for a bit longer. At the same time, we should be prepared for swift market reactions, especially if Ripple’s price jumps too quickly.
Ripple/USD is currently bullish, and XRP will likely continue to increase in the coming days.
XRP/USD 4-hour chart: XRP set for another push higher?
XRP/USD 4-hour chart. Source: TradingView
The Bollinger Bands fluctuated after Ripple’s price reached the 20-day EMA. This is an indication that the market has become more volatile. However, these volatility levels should not last long since they are not significant enough to win over Ripple’s momentum. Further decrease in prices may be expected during the next 24 hours.
The Relative Strength Index(14) has been neutral for some time now, with Ripple’s price fluctuating near its 20-day EMA. As a result, we remain unsure whether the market will be bullish or bearish going forward into the week. A definitive answer shall be given by Ripple’s price as it reaches the levels noted above.
The strategy is to buy as close to 0.71636 as possible. If bulls continue pushing the price up, we can expect immediate resistance at $0.84376. This is the market’s former support level that recently turned resistance, which now supports XRP/USD. The next resistance levels are $0.92349 and 1.02298, which are the market’s previous support levels that have since turned into resistance.
Ripple Price Analysis: Conclusion
The price of Ripple has been steadily rising over the past few weeks, with this most recent upward push taking the market into record territory. After gaining over 50% overnight to pass $1 for the first time, XRP/USD settled down to a lower high before regaining momentum and hitting an all-time high of $1.10.
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.