The price of Ripple is up today, as we emerged above the previous consolidation region after an overnight advance. As a result, XRP/USD will continue to rise later today and attempt to establish a solid higher high. The target of this bullish rally would be at $1.30-35, depending on the momentum (stronger if the price breaks above $1.20).
Local resistance ahead is seen at $1.20 and between $1.22-25 (where the lower high was formed). Higher still, significant resistance is located at $1.50, followed by more substantial levels at $1.75 and then near $2.
Ripple price movement in the last 24 hours: Ripple moves above the previous consolidation at $1.20
XRP/USD traded in a range of $1.17 to $1.22 throughout today’s session, which indicates little movement. Trading volume has decreased by 4.75 percent and stands at $2.577 billion, while the overall market value is around $57 billion, placing XRP in 7th place among cryptocurrencies.
XRP/USD 4-hour chart: XRP set to rally today?
On the 4-hour chart, we can see that after reaching the $1.20 resistance, Ripple’s price continued to rise, breaking above it and continuing higher.
On the 4 hour timeframe, we can see some weak bullish signs for Ripple as a double bottom pattern is forming. If it holds, a rally to around $1.20/30 could be possible on the back of a large symmetrical triangle consolidation region. However, if the downward momentum resumes inside the triangle, then XRP/USD will likely re-test support at $0.8545/50 first before targets below are tested again.
Looking at the 4-hour chart, we can see that Ripple’s price established a range of $1.17-22 in today’s session. XRP/USD traded above it to set up a higher low at $1.29. This would be positive if confirmed by further upside later today, which is likely considering Bitcoin just broke out, leading many other altcoins to follow suit ( Dash, Monero, etc.).
Ripple looks poised to extend its gains overnight, as it just battled through major resistance at $1.20 – regaining bullish momentum in the process. The next target for XRP/USD will be around $1.30-, depending on whether or not the momentum remains intact. We should be aware that short-term drops could still occur from here, as XRP/USD established a lower high at $1.22 today – another bearish sign that may suggest the current movement is just another dead cat bounce.
However, if Ripple breaks above $1.20 for good and manages to keep trading higher, we can expect much stronger buying pressure, leading to $1.30-. If this happens later today, the likely target would be near $1.35 or even $1.40, depending on how bullish momentum unfolds in the next few hours.
A move higher began overnight, after the stock was consolidated over the weekend. The previous local support at $1.20 was easily shattered, pushing the Ripple price action to around $1.22 before settling below it today.
Ripple Price Analysis: Conclusion
The Ripple price is currently optimistic, as we broke the $1.20 resistance after a decisive advance in the morning. As a result, we expect XRP/USD to rise further today, potentially leading to a high set.
Original Source :cryptopolitan.com
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