- Ripple price analysis is bullish today.
- XRP/USD rejected downside at $0.76.
- XRP/USD is currently trading at $0.78.
Ripple price analysis is bullish today as we expect more upside to follow after a retracement to $0.76 yesterday. Likely XRP/USD is now ready to break higher and move to test the previous local high at $0.81.
Yesterday, as XRP/USD broke below our first support level at $0.80, we were looking for a retracement to test the break lower. As price action moved to decline into support at $0.78, it remained supported and gave us a good bounce back up through the first resistance level at $0.80 to see the price make a retest of the initial resistance at $0.81. Ripple buyers managed to push XRP/USD above this level and looked like they would continue higher, but the gains were quickly rejected as we saw the price hit our second resistance level at $0.82 before pulling back slightly lower.
Ripple price movement in the last 24 hours: Ripple finds support at $0.76
Ripple price analysis today shows the XRP/USD is moving to retest support at $0.80, which has provided good buying pressure in the past. If price action can push below this level, we expect further declines towards our third support level at $0.76 and fourth support level at $0.74 before some upside is likely seen again.
The technical indicators within the market are still in our favor, and we look for a break above $0.82 to bring in further buying pressure before a break is higher. On the other hand, if XRP/USD fails to maintain downside momentum, we expect some more declines today towards our first support level at $0.78, which will be the next zone of good buying interest.
The trading volume within the market has been relatively low, and we need to see it pick up again before we can see further gains. We believe this will happen as XRP/USD tests $0.80 and buyers push price-action back above $0.82 for a break higher in the short term towards $0.88 and $0.90 before sellers bring the market back down again to test support at $0.80 or lower as we head into next week.
XRP/USD 4-hour chart: XRP looks to break $0.78
We can see bullish momentum returning overnight on the 4-hour chart, with the $0.78 mark recently tested.
Ripple’s price has shown signs of recovery this week. After a brief test of another lower low on January 10, XRP/USD reversed and advanced beyond $0.78, the previous barrier.
On Wednesday, XRP topped out at $0.81, establishing a solid local higher high. A modest retracement following has established a higher low around $0.76 since then.
From an opening price of $0.77, XRP/USD has increased 1.59%. The next major resistance area is at $0.85, which may provide an additional push for gains to hit our targets at $0.81 and then $0.90 soon after that.
The Ripple price may continue to rise if another negative development isn’t discovered. The $0.81 previous high is the first barrier to be broken, with the next one at $0.85.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as we have seen a higher low set around $0.76. Likely XRP/USD will continue higher from there, moving to $0.81 resistance next.