- XRP spiked to $0.52 yesterday.
- XRP/USD moved sideways for the rest of the day.
- The market started to rally overnight.
Ripple price analysis indicates bullish momentum to follow later today as support was found at $0.52 yesterday. Therefore, we can expect XRP/USD to retrace higher and reach the $0.58 previous resistance level next.
The crypto market trades with a substantial gain over the last 24 hours. Bitcoin is up by 4.5 percent, while Ethereum is around 8.5 percent. Dogecoin (DOGE) is among the best performers, with a gain of 15.8 percent.
Ripple price movement in the last 24 hours: Ripple established a clear lower low around $0.52
XRP/USD traded in a range of $0.5179 – $0.549, indicating strong volatility over the last 24 hours. Trading volume has decreased by almost 8 percent and totals $1.9 billion. Meanwhile, the total market capitalization stands around $25.3 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart: XRP aims to retest previous support
On the 4-hour chart, we can see the Ripple price action moving higher over the last hours as bulls want to retest the previous support around $0.58 as resistance.
Ripple price action has moved in a strong bearish momentum over the past weeks after a new medium-term high was set around the $0.73 mark at the end of June. What followed was a failure to move higher and a clear lower high set around $0.70.
Following this price action development, XRP/USD spiked to $0.58-$0.60 support area. Ripple slowly traded past this support area last week after another lower high was set, indicating that bears are indeed in control.
On Monday, XRP/USD saw a rapid spike lower to the $0.52 mark, where Ripple formed a consolidation base. However, earlier today, XRP started to trade higher as bulls want to regain some of the loss seen over the past days. This development should lead XRP/USD towards further highs later today as bulls want to retest the previous major support area around $0.58-$0.60 next.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish for the next 24 hours as the market started to rally earlier this morning after a strong support base was established overnight. Therefore, we expect XRP/USD to move higher and retest previous support around $0.58 as resistance.
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