Ripple price analysis: Ripple slowly retraces overnight, prepares to push to $0.80 next?

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  • XRP set a higher high yesterday.
  • Ripple retraced to $0.65 overnight.
  • The next target is seen at $0.80

Ripple price analysis is bullish for today as the market has retraced and found support at $0.65 after retracing from the $0.74 mark, where a higher high was set. Therefore, we can expect XRP/USD to push higher later this week and target the next resistance at $0.80.

Ripple price analysis: Ripple slowly retraces overnight, prepares to push to $0.80 next?  1
Cryptocurrency heat map. Source: Coin360

The market trades in the red over the last 24 hours. Bitcoin has decreased by 4.2 percent, while Ethereum 1.45 percent. The rest of the altcoin market has decreased with similar strength, with Filecoin (FIL) being among the worst performers with a loss of 5.6 percent.

Ripple price movement in the last 24 hours

XRP/USD traded in a range of $0.6495 – $0.7064, indicating a moderate amount of volatility. Trading volume has decreased by 15 percent, resulting in a trading volume of $2.83 billion. The total market cap stands around $30.6 billion, ranking cryptocurrency in 7th place overall.

XRP/USD 4-hour chart – XRP prepares to push to $0.80?

On the 4-hour chart, we can see XRP retracing overnight and preparing to push towards the $0.80 mark over the rest of the week.

Ripple price analysis: Ripple retraces overnight, prepares to push to $0.80 next?
XRP/USD 4-hour chart. Source: TradingView

The overall Ripple price action structure is still very bearish as the market retraced by more than 55 percent to the $0.50 mark. From there, XRP/USD saw a move higher to $0.70 resistance, and after some consolidation another spike higher yesterday. 

Overnight XRP/USD retraced again and found support at the $0.65 mark. Earlier today the market attempted to move higher again, however, bears quickly pushed XRP back towards the $0.65 mark. 

This price action development has resulted in a strong base established, meaning that Ripple prepares to push higher over the next days, with the $0.80 resistance as the next target. If the $0.80 mark is reached from the current price, XRP/USD will gain 20 percent, meaning a good potential trade opportunity.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish for the next 24 hours as the market set a higher high yesterday and retraced to the $0.65 mark overnight. This price action development should lead towards further highs over the next days to the $0.80 resistance.

While waiting for Ripple to move higher, read our guide on DeFi advantages, Bitcoin fees, as well as what you can buy with Bitcoin.

Source: cryptopolitan.com

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