TL; DR breakdown
- Ripple price analysis is bullish today.
- XRP / USD continued to move sideways overnight.
- Ripple is expected to regain bullish momentum.
Ripple price analysis is bullish today as a consolidation has been set from which to set a higher rally over the next 24 hours. As such, we are overall bullish on XRP / USD and expect XRP to continue climbing higher by the end of the week.
Cryptocurrency heat map. Source: Coin360
The overall market has traded with a slight upward momentum for the past 24 hours. The market leaders Bitcoin and Ethereum gained 0.02 and 0.29 percent, respectively. In the meantime, Shiba Inu (SHIB) has finally turned and is the worst performer with a loss of almost 30 percent.
Ripple Price Movement Over the Last 24 Hours: Ripple is still consolidating between $ 1.06 and $ 1.08
XRP / USD traded in a range of $ 1.06 to $ 1.09, indicating little volatility over the past 24 hours. Trading volume is down 29.6 percent to $ 2.93 billion, while total market capitalization is around $ 50.51 billion, putting the coin in 6th place overall.
XRP / USD 4-Hour Chart: XRP For Another Boost?
On the 4 hour chart, we can see that Ripple price action has built a strong base to move higher over the weekend.
XRP / USD 4 hour chart. Source: TradingView
Ripple price action has slowed bullish momentum over the past week. After a strong rally on October 1, with XRP / USD bouncing above its previous swing high of $ 1.01, bullish momentum increasingly exhausted.
However, several higher highs were set until it hit the $ 1.10 mark on Wednesday. Since then, XRP has consolidated in an increasingly narrowing area, with the $ 1.06 level seen as support and the $ 1.08 level as resistance.
Overall, the development of ripple price action indicates that the market is preparing for the next step. Whether it will be the uptrend depends on the bulls crossing the local resistance of $ 1.08.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as a strong base has been created in the past 24 hours to move higher. Hence, we expect XRP to look for a break to the upside, targeting the next resistance at $ 1.10.
While you wait for Ripple to move forward, check out our guides on the best NFT marketplaces, NFT history and development, and NFT music.
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