Ripple Price Analysis: XRP retests $1.05 support, bulls aim for higher lows

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  • For today, the Ripple price analysis is optimistic
  • XRP/USD found support at $1.05 overnight.
  • Ripple shows signs of incoming rally

For today, the Ripple price analysis is optimistic, as support was discovered around the $1.05 level overnight after failing to advance yesterday. As a result, we anticipate XRP/USD to increase in momentum over the next 24 hours and attempt to return to the $1.20 resistance line.

The entire market was in the red over the past 24 hours. Bitcoin went down by 0.361 percent, while Ethereum lost 4.12 percent. Gainers included DOGE and Solana.

Ripple price movement in the last 24 hours: Ripple finds support at $1.05 again

The price of XRP/USD is currently trading in a range of $1.05 to $1.07, implying little volatility over the previous 24 hours. Ripple’s daily trading volume fell by 1.173 percent and stands at around $3 billion. The total market capitalization has fallen by 2.31 percent and stands at $49 billion, ranking the coin at position #6 overall.

XRP/USD 4-hour chart: XRP starts to move higher again

After retesting the $1.07 support, the XRP/USD price attempts to rally higher once again on the 4-hour Ripple price analysis chart.

Ripple price analysis
XRP/USD 4-hour chart. Source: TradingView

The Ripple price behaved erratically over the previous week. After gradually rising to $1.40 on the 6th of September, a rapid downturn ensued during the next 24 hours.

Ripple fell more than 30%, with the $1.05 major support providing assistance as soon after a brief plunge beneath it. Ripple price consolidated during the middle of the week before a rapid ascent was observed on Monday morning. 

We anticipate XRP/USD to continue moving higher or at least consolidating above the support over the next 24 hours, as long as any additional downside does not emerge.

Conclusion 

The Ripple price analysis for the next 24 hours is bullish, as support was found above $1.05 overnight, and a modest rally carried XRP/USD to $1.10 since then. As a result, we anticipate XRP/USD to continue upward later today and aim for the $1.20 major resistance.

Source: cryptopolitan.com

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