Remember the XRP/USD exchange rate in January 2018, when the cryptocurrency’s price soared from $0.30 to $3.00 in just over a month? Well, XRP just had another rollercoaster ride a couple of days ago, with the price making a dramatic move from $0.50 to $2.90 in a matter of hours. Now, as we all know, this is not the kind of thing that happens overnight, and this trend reversal is a clear indication that we’ll soon be seeing XRP back within the $1-$2 range.
Is there any doubt that Ripple (XRP) is on a tear lately? After breaking through the $0.50 a coin mark for the first time in history it’s now trading at an all-time high of $0.76, up nearly 600% from the start of the year. The question is: what’s next for the digital currency?
Last week we announced our Ripple price analysis: XRP is up by more than 30% in the latest week, after XRP price peaked and XRP price reversed back. As we showed last week, we have seen XRP price drop to $0.70 on Monday, and $0.69 on Wednesday. This was caused by a break and close below the 21-day exponential moving average of $0.69.. Read more about xrp perpetual futures and let us know what you think.
- Yesterday, XRP found support around $0.70.
- Overnight, Ripple reached $0.76.
- Later today, the market is expected to retrace.
Ripple price analysis shows that the next 24 hours will be negative, as another slightly higher high was reached around $0.76 today, and further upward was denied. As a result, XRP/USD is likely to reverse later today and return to the $0.70 support level.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the general market has been somewhat positive. Bitcoin, the market leader, is down 0.35 percent, while Ethereum is up 4.5 percent. With a gain of 7.5 percent, Ripple (XRP) is one among the top performers.
Price movement of Ripple in the past 24 hours: Ripple reaches a new high over $0.76.
Over the past 24 hours, XRP/USD has moved in a range of $0.6987 to $0.7647, showing significant volatility. The entire market value of the cryptocurrency is approximately $34.4 billion, putting it in sixth position overall. Trading volume has dropped by 36.57 percent.
4-hour chart of XRP/USD: Is XRP due for a reversal?
After a quick surge to $0.76, we can observe Ripple price action rejecting additional higher on the 4-hour chart.
4-hour chart of XRP/USD. TradingView is the source of this information.
Over the past several days, the price of ripple has been more optimistic. Following a 30 percent retracement to the $0.52 low, XRP/USD began to reverse and quickly recovered positive momentum.
Several additional local highs were established as a consequence of this price action development, until the previous medium-term swing high at $0.73 was broken with a surge to the $0.75 level. XRP also retraced some further yesterday, finding support around $0.70. Overnight, a further push upward was observed from the $0.70 support level, reaching $0.76.
We may infer that the positive Ripple price movement has spent its impetus since just a little higher high was made, and that another several-week lengthy pullback will be observed next. We may anticipate Ripple to return to the previous swing low and attempt to create another somewhat higher low once the $0.70 support is broken.
Conclusion of the Ripple Price Analysis
Ripple price analysis suggests that negative momentum will prevail today, as just a little higher high could be made overnight, and additional upward is now denied. As a result, we anticipate XRP/USD to begin trading lower later today, perhaps testing the $0.70 support level.
While you’re waiting for Ripple to drop, check out our tutorials on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
Ripple, the third-largest cryptocurrrency by market capitalization, has been in a downtrend for the past few months and looks to be pausing after a big gain in early March. The XRP price has been testing the $0.75 mark for several days now and appears to be in the midst of a slow reversal. The coin is down approximately 4% over the past 24 hours.. Read more about what is xrp perp and let us know what you think.
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