Ripple price analysis: Ripple breaks above $0.70, prepares to spike higher?

TL;DR Breakdown

• XRP closed bullish yesterday.
• Clear higher high set overnight.
• Ripple currently prepares for another push higher

Ripple price analysis is bullish for today as the market set a higher high overnight and reached the 100 periods moving average. Therefore, we can expect XRP/USD to move even higher later today and try to reach the next resistance at $0.80. 

The overall market trades with a slight retracement over the last 24 hours. Bitcoin has lost 2.3 percent while Ethereum almost 2 percent. The rest of the crypto market follows this pattern of slight loss with only a couple of exceptions.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6658 – $0.7277 indicating a moderate amount of volatility. Trading volume has increased by 31.6 percent and totals $3.38 billion. Meanwhile, the total market cap stands around $31 billion, ranking cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP prepares for further upside?

On the 4-hour chart, we can see the Ripple price retracing earlier today as bulls prepare for another push higher over the next 24 hours.

The overall market trades within a bearish price action development over the past weeks as a new higher low was set around the $0.50 mark. From there, XRP/USD started to retrace over the past weeks as bulls looked to regain some of the loss. 

Initially, the $0.70 mark acted as a resistance, however, after a slight retracement, Ripple pushed higher and set a higher high overnight. This price action development indicates that the market is ready to move higher later this week, with the next target around the $0.80 mark. From there, Ripple could start heading towards the previous all-time high and regain further losses.

Alternatively, if the further downside is seen later today, XRP/USD will likely head towards the previous support of around $0.50. From there, a lot more downside could be expected over the next weeks as the several-week bearish momentum continues.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for the next 24 hours as a clear higher high was set overnight and bulls prepare to push Ripple towards the next major target at $0.80.

While waiting for Ripple to spike higher, read our guides on what you can buy with Bitcoin, Bitcoin fees, as well as What is DeFi.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/ripple-price-analysis-2021-06-30/