Ripple price analysis: XRP struck a higher low at $0.72, rally on the way this weekend?

Today’s ripple price analysis is bullish, as we anticipate another higher bottom, which will likely result in another push higher over the weekend. XRP/USD is likely to make another higher high next, aiming for the $0.80-$0.81 barrier level.

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The market as a whole has performed inconsistently during the last 24 hours. Bitcoin fell 0.36 percent, while Ethereum remained almost unchanged at 0.06 percent. Ripple has experienced a minor uptick of 0.27 percent as the recovery begins.

Ripple’s price movement over the previous 24 hours: Ripple maintains a bullish position above $0.72.

XRP/USD traded in a range of $0.7283 – $0.7507 over the last 24 hours, showing high volatility. Trading volume has decreased by 26.26 percent to $1.99 billion, while the coin’s total market cap is currently around $35.26 billion, placing it in seventh place globally.

XRP/USD 4-hour chart: Is XRP on the verge of a breakout?

On the 4-hour chart, positive momentum is gradually regaining strength for the Ripple price, as another higher bottom was established yesterday.

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Over the last week, ripple’s price behavior has been characterized by steady consolidation inside an increasingly narrow range. Following repeated checks of the $0.70 support level and the establishment of lower local highs, the trading range became extremely narrow at the start of the week.

On March 9th, a sharp break higher occurred, immediately resulting in a new higher local high of $0.78. From there, XRP/USD quickly retraced to a higher low at $0.72 early yesterday.

In general, this Ripple price action development implies the establishment of a bullish market structure. Unless the current support level is breached, we anticipate a significant increase in XRP/USD over the weekend.

Ripple price analysis: Conclusion 

Today’s ripple price analysis is positive, as we’ve seen both higher highs and lower lows set in recent days. As a result, XRP/USD is expected to soar throughout the weekend, possibly reaching the $0.80 next barrier level.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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