TL;DR Breakdown
- XRP retests resistance at the $0.58 mark.
- Ripple broke minor resistance at $0.54.
- Ripple likely to test the previous high at $0.60 over the weekend.
Today’s Ripple price prediction is bullish as the market continues moving with a very bullish momentum towards the previous high at $0.60. If the market can continue its current momentum, we are set for a new higher several-week high over the weekend.
Cryptocurrency heat map. Source: Coin360
The crypto market is in the green today. Market leader, Bitcoin, is up by 4.69 percent and has a market dominance of 61 percent. Most major altcoins are up by around 10 percent as some of the loss seen over previous days is regained.
Ripple price prediction: Ripple continues moving towards $0.60, new higher high soon?
XRP/USD opened at $0.51 after the market spiked to retest $0.45 earlier this week. Since the bullish Ripple price momentum has already reached close to the previous major reversal area around $0.58-$0.60, we should see some rejection later today. If XRP/USD manages to set a new local swing high, the overall price structure will start to become bullish again.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.4956 – $0.575, indicating a good amount of volatility for the cryptocurrency. Trading volume has decreased by 11 percent and totals $6.2 billion, meaning that the upwards pressure is the result of limited selling pressure overall. Total market capitalization stands at $25.4 billion, ranking the coin in 7th place.
XRP/USD 4-hour chart – XRP test previous resistance as a support
On the 4-hour chart, we can see that the price approached the $0.58 resistance level earlier today. A little rejection was initially seen as the market briefly moved back towards the previous support/resistance level of $0.54. Therefore, Ripple will likely attempt to move higher again over the upcoming hours.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has seen huge volatility this week again. After reaching $0.60 on Monday, the market started to consolidate above $0.54. On Wednesday, the Ripple price sentiment changed dramatically, and the market started selling off at a very rapid pace. In just a couple of hours, support at the $0.45 mark was reached, and a further downside was rejected.
What followed was an equally strong push to the upside over the past 24 hours. Ripple pushed back above the $0.54 mark and found resistance just below $0.58. Since then, some minor rejection has been made, indicating that we could see another significant reversal over the weekend.
Suppose the current minor support around $0.54 can hold the market from moving lower. In that case, we should see the previous significant swing high of $0.60 broken over the upcoming 24 hours, which would be a very bullish signal for the overall price structure.
Alternatively, if Ripple cannot move higher, we could see the market push towards the $0.49 previous resistance turned support. This would likely result in XRP/USD forming a consolidation range again with increasingly lower lows and highs. From there, the price of Ripple would probably build a base from which to move higher at the end of next week.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market continues moving with solid bullish momentum. However, XRP has reached an extreme resistance around the $0.58-$0.60 area.
Much depends on whether Ripple can sustain its momentum. If we see XRP moving above the $0.60 mark, we can expect the overall several bullish price action to continue next month.
While waiting for Ripple to move higher, see our long-term price predictions on Litecoin and IOTA. Additionally, see our latest guide on Bitcoin halving.
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.