Ripple price prediction: Ripple spikes to $0.85, prepares to move higher?

TL;DR Breakdown

• XRP finds resistance around $1 overnight.
• Support at $0.85 to be tested later today.
• Next major resistance target at $1.20.

Today’s Ripple price prediction is bullish as the market has spiked lower over the past hours and currently trades above $0.85 support. Therefore, we expect XRP/USD to move higher over the next 24 hours to attempt a move to $1.20.

The overall market trades in the red over the last 24 hours. Bitcoin and Ethereum have seen substantial losses, with the rest of the altcoin following these moves. Cardano and Ripple have seen even further losses of around 10 percent.

XRP/USD opened at $0.975 after a bearish close yesterday. From there, the Ripple price moved lower to the $0.85 support, where the further downside is rejected as of now. Therefore, we expect the market to reverse back to the upside voer the next 24 hours.

Ripple price movement in the last 24 hours

The XRP/USD price moved in a range of $0.8808 – $1.03, indicating a substantial amount of volatility. Trading volume has decreased by 14.23 percent and totals $5 billion. Meanwhile, the total market cap trades around $41 billion, ranking the cryptocurrency in 6th place overall.

XRP/USD 4-hour chart – Ripple spikes lower

On the 4-hour chart, we can see the market moving to the $0.85 support over the last hours. This is likely to be proceeded by a push higher over the next 24 hours.

The overall Ripple price action continues to establish a base from which to reverse the several-week bearish price action development seen over the past weeks. 

After peaking at around $1.70 and retesting the resistance on the 18th of May, XRP/USD retraced by 6 percent and found support around $0.64, setting a new major swing lower low. Therefore, we can assume that bears are exhausted, and the market is ready to reverse back to the upside over the next weeks. 

Over the past few days, we saw the Ripple price consolidate around the $1 mark and set a lower swing high. This has led Ripple to move lower to the $0.85 mark. If this support breaks, we should see further downside over the next 24 hours, with the next support at $0.64.

Alternatively, if XRP/USD holds the support at $0.85, the market will establish a higher low, moving higher over the weekend. Resistance is seen at the $1.20 mark, indicating a potential upside of over 33 percent. Once the resistance is reached, we expect XRP/USD to continue pushing towards the previous all-time high.

Therefore, a long position can be entered with a relatively good risk/reward potential if further rejection to the downside is seen.

Ripple Price Prediction: Conclusion 

Ripple price prediction is bullish as the market price retests $0.85 support and prepares to push higher over the next 24 hours. The next resistance is seen at the $1.20 mark, indicating a potential gain of around 30 percent.

While waiting for further Ripple price action development, read our latest guides on several other major altcoins – Zcash, Cardano, and Litecoin.

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-2021-05-28/