Ripple Price Analysis: XRP rejects downside at $0.73, ready to reverse?
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TL;DR Breakdown
- Ripple price analysis is bullish today.
- XRP/USD set another lower low at $0.73 yesterday.
- Bullish momentum slowly returns.
Ripple price analysis is bullish today as we expect the $0.75 local resistance to be broken, potentially opening up the way for further advance. XRP/USD finding low at $0.73 could potentially be the end of the several-day decline for now as bears are finally exhausted.
The market has returned to bullish momentum over the last 24 hours. The leaders, Bitcoin and Ethereum, have gained 0.07 and 1.43 percent, respectively. Meanwhile, Ripple (XRP) follows with over a 1 percent gain.
Ripple price movement in the last 24 hours: Ripple tests further lows at $0.73, rejected higher
XRP/USD traded in a range of $0.7359 – $0.7511, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 35.65 percent, totaling $1.03 billion, while the total market cap trades around $35.78 billion, ranking the coin in 8th place overall.
XRP/USD 4-hour chart: XRP breaking $0.75 resistance
On the 4-hour chart, we can see the Ripple price action currently breaking higher, potentially leading to a reversal over the next days.
Ripple price action has returned to bearish momentum over the past days. After previously failing to set further higher high above $0.81, a lower low was set at $0.79 on the 16th of January.
From there, XRP/USD declined by over 8 percent to the $0.73 mark, which was briefly broken yesterday. Since then, XRP has moved higher to the $0.75 resistance, which previously acted as support.
Therefore, the next target for the Ripple price action is the $0.76 local high. If it is broken, XRP/USD could see the end of the current decline and look to move back towards previous highs later in the week.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we expect more upside after a strong rebound from the $0.73 previous low. Therefore, XRP?USD will likely move to test the previous local high at $0.76 later today.
While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
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