Ripple Price Analysis: XRP spikes to $0.80, set for a slow retracement today?

Description

TL;DR Breakdown Ripple moved away from the $0.70 support yesterday. XRP continued to rally overnight. XRP/USD tests next resistance at $0.80. Ripple price analysis is bearish for the next 24 hours as a rapid move higher took XRP to the next resistance level around $0.80. Currently, XRP/USD rejects further upside, indicating that reversal can be … Read more

TL;DR Breakdown

  • Ripple moved away from the $0.70 support yesterday.
  • XRP continued to rally overnight.
  • XRP/USD tests next resistance at $0.80.

Ripple price analysis is bearish for the next 24 hours as a rapid move higher took XRP to the next resistance level around $0.80. Currently, XRP/USD rejects further upside, indicating that reversal can be expected later this weekend.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a substantial gain over the last 24 hours. Market leaders, Bitcoin and Ethereum are up by 8.12 and 13.63 percent respectively, while VeChain (VET) is among the best performers.

Ripple price movement in the last 24 hours: Ripple rallies to $0.80

XRP/USD traded in a range of $0.724 – $0.7991, indicating mild volatility over the last 24 hours. Trading volume has increased by 40 percent and totals $3.2 billion. Meanwhile, the total market capitalization stands around $36.6 billion, resulting in a market rank of 6th place.

XRP/USD 4-hour chart: XRP prepares to retrace?

On the 4-hour chart, we can see the Ripple price rejecting further upside after reaching the next resistance at $0.80, which should result in a reversal over the next 24 hours.

Ripple Price Analysis: XRP spikes to $0.80, set for a slow retracement today?
XRP/USD 4-hour chart. Source: TradingView

Ripple price has continued to set further highs over the past week. Since setting a major swing higher low around $0.52, XRP/USD rallied by more than 50 percent until the $0.80 next major resistance was reached.

Since the previous major swing high of around $0.74 was breached, we can assume that the overall market direction starts to become bullish once again after a several-month decline. Therefore, XRP/USD is likely headed towards further highs over the next weeks, with the $0.90 mark as the next major price target.

However, currently, Ripple price has extended and another retracement that sets a higher low needs to be made again. Once that is done, we assume XRP will spike higher again next week and continue its way towards the previous all-time high.

Ripple Price Analysis: Conclusion 

Ripple price analysis indicates bearish momentum to follow over the next 24 hours as the next major resistance at $0.80 has been reached. Therefore, we expect XRP/USD to retrace once more and set another higher low around $0.74 before moving higher.  

While waiting for Ripple to move further, read our articles on investing in PayPal Bitcoin, Bitcoin trusts, as well as Dogecoin as a good investment.

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.

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