TL;DR Breakdown
- Ripple price analysis is bullish today.
- XRP/USD is currently trading at $0.60.
- Bullish momentum slowly returns.
Ripple prices are up today as we anticipate the $0.62 local resistance to be broken, potentially enabling further gains. The fact that XRP/USD has found support at $0.65 could indicate the end of the many-day decline for now, with bears finally worn down.
Ripple price movement in the last 24 hours: Heavy bearish trends
XRP/USD has been consolidating at lower levels, reaching as low as $0.65 yesterday after briefly dipping below the $0.720 level earlier this week. The consolidation was likely caused by continuing indecision among market participants; yesterday’s inclusion of XRP in the Huobi exchange only helped to increase trading volume, while some traders might have been buying up on speculation that a price bottom had been reached.
Today’s price rise is a somewhat bullish sign, but we can’t rule out XRP/USD going back down for a retest of the $0.74 level if buyers become exhausted and decide to step off their positions. The cryptocurrency might consolidate slightly above current levels before resuming its downtrend or setting another higher high.
The new year brought some losses to our Ripple price prediction as XRP went below $0.7, but it appears that the downtrend might be over for now. The cryptocurrency has found support at $0.60 after a decline over the past seven days, and we anticipate the $1.00 target to be reached in less than a month (if price predictions hold). The market sentiment has been erratic; while some experts remain stubbornly bullish, others fear that the weak hands have already left Ripple altogether.
The recent declines are most likely caused by the greater-than-anticipated circulation of XRP tokens, leading to a decline in demand for the cryptocurrency. However, the blockchain is still attracting interest from other financial institutions looking into Ripple’s xRapid technology as an alternative payment settlement system that could help modernize outdated cross-border transactions.
XRP/USD 4-hour chart: Will XRP break $0.62 resistance
If XRP/USD breaks the $0.65 resistance level, we might see a further rise to as high as $1.15 over the coming weeks as Ripple’s market capitalization recovers from its recent losses. However, if sell pressure builds up, it could cause a pullback to the 0.50 level.
A bearish scenario probably won’t play out unless XRP/USD fails to overcome $0.65 and instead begins another downtrend, with a retest of the $0.58 low seen in mid-December. The resistance levels for such an event would be at $0.53 and the psychological $0.50, while support levels would be at $0.68 and $0.57.
A bullish scenario is looking most likely, with further consolidation above $0.60 followed by a breakout above $0.65 over the coming days. A sustainable move above $0.65 could be seen as a sign that the short-term downtrend has ended for XRP/USD, with support levels at $0.60 in case of another sell-off.
From a technical standpoint, Ripple is looking bullish. We might be witnessing the end of the ongoing decline for now as prices rebound back above $0.73 to test levels around $0.75 again.
Ripple price analysis: Conclusion
The 50-day MA has just moved above the 100-day MA in what could be an early sign of improvement. At the same time, further resistance levels are found at $0.98 and $1.10: Looking ahead, if the current momentum overcomes resistance levels around $0.75, we could see another upward tear for XRP/USD, with a test of $1.15 the next possible target levels in line. However, if declines resume, we could expect a return to $0.55 – $0.65 or even lower before Ripple’s market capitalization begins another recovery cycle later this year.
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