Ripple price prediction: Ripple retraces again as it prepares to push higher

Description

TL;DR Breakdown XRP found support above $1.35. Closest major resistance at $1.70. Minor resistance at $1.50. Today’s Ripple price prediction is bullish as the market spike flower overnight and set another higher low, indicating bullish momentum still forming. Since rejection for further downside was seen earlier, we assume that XRP will move higher later today … Read more

TL;DR Breakdown

  • XRP found support above $1.35.
  • Closest major resistance at $1.70.
  • Minor resistance at $1.50.

Today’s Ripple price prediction is bullish as the market spike flower overnight and set another higher low, indicating bullish momentum still forming. Since rejection for further downside was seen earlier, we assume that XRP will move higher later today as it looks to set another higher high above the $1.70 mark, with the next target at $1.90.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the past 24 hours. Bitcoin has declined by almost 10 percent and trades around $40,000. Ethereum is among the worst performers with a loss of 14.5 percent. The rest of the market trades with similar results.

XRP/USD opened at $1.59 after a bullish close, and a new swing high was set yesterday. Overnight, the market retraced below $1.40 and set another local higher low. Therefore, we expect XRP/USD to move higher over the next 24 hours as bulls attempt to push higher later this week.

Ripple price movement in the last 24 hours

The XRP/USD price moved in a range of $1.37 – $1.70, indicating huge volatility. 24 hour trading volume has spiked by 47 percent and totals $18.2 billion. Meanwhile, the total market cap stands at 50.8 billion, ranking the cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP rejects further downside

On the 4-hour chart, we can see XRP/USD rejecting further downside after peaking below the $1.40 mark earlier today. 

XRP/USD 4-hour chart. Source: TradingView

The overall market continues recovering after a several-week retracement during the first half of May. After setting a new all-time high around $1.75, the market retraced by more than 33 percent until support was found around the $1.20 mark. 

From there, XRP/USD pushed above the previously established several-day resistance trendline and set a higher high on the 16th of May. After retesting the trendline as a support around $1.35, the Ripple price set another higher high at $1.70, further indicating bullish momentum building up.

Overnight XRP/USD retraced again towards the $1.40 mark, where a second higher low was set. Therefore, XRP should move higher over the next 24 hours as bulls look to reach the next resistance target at $1.90. 

Alternatively, if a further downside is seen and the Rippe price breaks below the $1.30 mark, we expect the market to move even lower and potentially see another several-day retracement later this month.

Ripple Price Prediction: Conclusion 

Ripple price prediction is bullish as the market has retraced 20 percent and set a new higher low, indicating a bullish market structure over the past days. As further downside was quickly rejected, we expect XRP/USD to move higher over the next 24 hours. From there, bulls will attempt to reach the next resistance target at $1.90.

While waiting for Ripple price action to move higher, read our guide on how to buy Ripple. To learn more about other altcoins, see our guide on Ethereum Classic and Monero.

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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