Ripple price prediction: Ripple spikes below $1.30, prepares to push higher?

Description

TL;DR Breakdown XRP finds support at $1.30 overnight. Closest resistance at $1.50. Next resistance at $1.65. Today’s Ripple price prediction is bullish as the market rejected further downside with a very strong pin bar candle formed overnight. Therefore, bears are likely exhausted, and we should see XRP/USD move higher over the upcoming days. The overall … Read more

TL;DR Breakdown

  • XRP finds support at $1.30 overnight.
  • Closest resistance at $1.50.
  • Next resistance at $1.65.

Today’s Ripple price prediction is bullish as the market rejected further downside with a very strong pin bar candle formed overnight. Therefore, bears are likely exhausted, and we should see XRP/USD move higher over the upcoming days.

Cryptocurrency heat map. Source: Coin360

The overall market trades in the red while slowly recovering the overnight loss. Bitcoin has returned above the $55,000 mark while still trading with a small loss of 2.4 percent. Ethereum is down by 2.3 percent as it also slowly attempt to recover the $4,000 price mark. Litecoin (LTC), Ripple (XRP), and Chainlink (LINK) are among the worst performers, with losses of around 5-6 percent.

XRP/USD opened at $1.39 after a strong bearish momentum yesterday resulted in a quick spike below $1.30 support. This price action development likely indicates exhaustion for further selling, meaning that we should see Ripple price move higher later this week, with the first major resistance around the $1.70 area.

Ripple price movement in the last 24 hours

XRP/USD price moved in a range of $1.25 – $1.55, indicating a good amount of volatility. 24-hour trading volume has spiked by almost 38 percent and stands at $11.2 billion. Meanwhile, the total market cap trades around $50 billion, ranking the cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP pauses after regaining some of the overnight loss 

On the 4-hour chart, we can see XRP/USD setting a strong rejection for further downside overnight, indicating that the market is ready to reverse higher.

Ripple price prediction: Ripple spikes below $1.30, prepares to push higher?
XRP/USD 4-hour chart. Source: TradingView

The overall market still struggles to establish a strong bullish momentum. After retracing more than 50 percent from the $1.95 all-time high, XRP/USD established a several-day consolidation around the $1.10 mark. From there, Ripple pushed higher at the end of April until the resistance around $1.45-$1.50 area was retested.

During the first days of May, the Ripple price already reached $1.70 resistance. However, a retracement to retest $1.30 support was made early last week. Laster, XRP/USD set a second higher high above the $1.75 mark, indicating that the market is still recovering. From there, Ripple consolidated above the $1.50 support for several days until a sharp spike lower was set late yesterday, with XRP/USD briefly reaching the $1.20 mark.

Earlier today, Ripple regained some of the loss and started trading around the $1.45 mark. Therefore, Ripple price established a clear signal that further downside is rejected, and we can expect further highs by next week. 

The first target to the upside is seen at the $1.50 previous support. If Ripple cannot break above it, the overall market structure would turn bearish once again, and we would likely see another push lower, this time to the $1.10 support.

Ripple Price Prediction: Conclusion 

Ripple price prediction is bullish as the market rejected further downside overnight and starts to push higher. Currently, a slight consolidation around the $1.45 price level is seen as bulls pause before pushing the market higher. Therefore, we expect further upside over the next 24 hours, with the $1.70 mark broken by the end of this week.

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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