Ripple Price Analysis: XRP slowly moves higher, will the $1.20 resistance be reached today?

TL;DR Breakdown

  • Ripple price analysis is bullish today.
  • XRP/USD retraced overnight.
  • Another higher high set yesterday.

Ripple price analysis is bullish today as a clear higher high and low has been set over the last 24 hours. Therefore, the current retracement should lead XRP/USD to the $1.20 resistance later today.

Ripple Price Analysis: XRP slowly moves higher, will the $1.20 resistance be reached today? 3
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.49 percent, while Ethereum is down by 1 percent. Dogecoin (DOGE) is among the worst performers, with a loss of 6.4 percent.

Ripple price movement in the last 24 hours: Ripple sets higher high at $1.18

XRP/USD traded in a range of $1.12 – $1.19, indicating substantial volatility over the last 24 hours. Trading volume has declined by 17.2 percent and totals $3.26 billion, while the total market cap trades around $53.17 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP ready to move higher today?

On the 4-hour chart, we can see the Ripple price preparing for another push higher after a retracement set a higher local low overnight.

Ripple Price Analysis: XRP continues moving higher, will the $1.20 resistance be reached today?
XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen a strong bullish momentum return so far this month. After a strong push higher on the 1st of October, XRP/USD initially peaked at around $1.10. 

After some consolidation below the resistance, another spike higher was seen on the 9th of October, leading Ripple above $1.20. What followed was a retracement to the $1.10 previous resistance, with a higher low set. 

Since then, Ripple price has slowly traded higher, setting several local higher highs and lows. Overall, we expect XRP/USD to see further upside over the next 24 hours as a small retracement has set a base from which to rally further again.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as a new higher low was set overnight after a higher high was set yesterday. Therefore, we expect XRP/USD to continue higher later today.

While waiting for Ripple to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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