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.
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.
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.