Ripple Price Analysis: XRP Retraces Back to $1.16 Support

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Ripple Price Analysis: XRP Retraces Back to $1.16 Support
Ripple Price Analysis: XRP Retraces Back to $1.16 Support

Ripple over the last 24 hours reversed itself after consolidating around $1.22. XRP/USD was trading in the $1.16 to $1.24 range, suggesting that volatility over the past 24 hours has been moderate. Trading volume declined 41.84% to $ 4.78 billion, while total market value reached seventh place at around $55.7 billion.

XRP/USD 4-Hour Chart: Is Ripple Expected To Reverse After Hitting $1.16 Support?

On the 4-hour chart, we can see that the previous resistance level of $1.16 is currently blocking Ripple’s price movement, which could lead to a reversal later today.

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XRP/USD 4 hour chart. Source: TradingView

In the past few weeks, Ripple’s price trend has shown strong bullish momentum. After rising rapidly to $0.97 on October 27, XRP/USD reversed, breaking previous resistance near $1.16.

A new swing high was set at $1.25 and the subsequent retracement made a strong higher low at $1.10. From then on, the XRP continued to rise over the weekend, initially rising to  $1.30 and then rising to  $1.35 after a retracement.

After quickly making a strong high, a strong reaction to a lower price caused Ripple’s price to drop to $1.12. XRP/USD refused to fall any further, consolidating around $1.22 yesterday. This morning we saw another down test that could result in higher lows and more upside movement.

Conclusion

With another higher low currently above $1.16, today’s Ripple price analysis is bullish. Hence, we expect XRP/USD to continue rising later in the day unless we see further declines.

Please note that this is not a piece of financial advice in case any loss is incurred. Do your own research before investing in the market