After a long weekend of price action, the Ripple (XRP) market has seen some nice gains today. Though the price of XRP has not returned to its all-time high, it has managed to rise above $0.72 per token, which is a positive development for the currency.
The past few days have been a rollercoaster ride for XRP. XRP, the third largest cryptocurrency by market capitalization, rose to a significant high of $0.7318, the highest price point since July 2017. (If you own XRP, you know how significant these highs are.) Then, on the heels of XRP’s latest price highs, the coin dropped more than 25% in under two days, a sharp reversal that led to a quick rebound. Today, XRP has rebounded to $0.70, but the real action is just beginning.
The past few days have been filled with a bunch of major news events for Ripple, XRP, and the Ripple community. Following a critical redesign that occurred on the Ripple site, the ripple price has been in a steady uptrend in the past few days, beginning on Friday May 19th. This uptrend has created a significant buying opportunity for XRP in the long term, even though it remains to be seen how the ripple price will follow this uptrend.. Read more about xrp news today and let us know what you think.
- Yesterday, XRP made a new local low.
- Overnight, bullish momentum took control.
- This morning, the price of XRP jumped to $0.73.
A fast rise to the $0.73 prior barrier was observed during the last hours, indicating that negative momentum will follow later today, according to Ripple price research. Given the recent rejection of additional upward, we may anticipate XRP/USD to begin trading down later this week, attempting to retest prior significant support around $0.51.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the last 24 hours, the cryptocurrency market has seen a significant increase. Ethereum is up 2.27 percent, while Bitcoin is up 6.37 percent. With a gain of 13%, Ripple (XRP) is one among the top performers.
Price movement of Ripple in the past 24 hours: Ripple surged to $0.73, breaking over prior resistance.
The price of XRP/USD fluctuated between $0.6247 and $0.7518, suggesting significant volatility. The amount of trading has risen by 72.43 percent to $5.17 billion. Meanwhile, the entire market value of the cryptocurrency is approximately $33.8 billion, putting it in sixth position worldwide.
4-hour chart of XRP/USD: Is XRP about to reverse?
On the 4-hour chart, the Ripple price is now rejecting additional higher, indicating a reversal later this week.
4-hour chart of XRP/USD. TradingView is the source of this information.
Over the last several days, the price movement momentum of Ripple has witnessed a dramatic turnaround. After retesting $0.51 support, XRP/USD began to rise, eventually reaching $0.68 on Monday. Following that, there was a pullback to the previous low of $0.62, where ETH consolidated overnight.
Earlier today, the price of Ethereum began to quickly rise, reaching the $0.73 barrier level after a 15% increase. Any additional upside around the $0.73 barrier has been severely rejected in recent hours, indicating that XRP/USD will likely revert to the negative later today.
The first area to watch is about $0.68, which was the last local high. However, given how quickly the market has risen in recent days, we may anticipate a considerably deeper pullback to the last key support level, which is now around $0.51.
Conclusion of the Ripple Price Analysis
As prior significant barrier was quickly challenged over the past hours, Ripple price research suggests that negative momentum will continue over the following several days. We anticipate XRP/USD to revert and start going towards the $0.51 prior major swing bottom later this week as additional upside is denied.
While you’re waiting for Ripple to retrace its steps, check out our tutorials on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.
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The price of Ripple has taken a turn for the worse last week, as it has fallen from $0.73 to $0.59. While it has more than made up for those losses, there are still concerns about how far it will fall and how long it will stay there. Today, however, XRP seems to be showing signs of a reversal. It currently stands at $0.73, which is close to its high for the year, and it is keeping pace with its 200-day moving average. That’s a good sign, as it shows that the boat is not too far out of control.. Read more about xrp price aud and let us know what you think.
This article broadly covered the following related topics:
- ripple news
- xrp news
- xrp price
- xrp to usd