Ripple price analysis: Price up again as bullish momentum inflates to $0.4042

Today Ripple price analysis shows that the price of Ripple (XRP) is up again as bullish momentum builds and inflates to $0.4042.Resistance for XRP/USD is present at $0.4215, while support for the Ripple coin is seen at $0.3774.The bullish upswing has resulted in an impressive enhancement in the price as its value has upgraded to $0.4042 from $0.3700 in the last 24 hours.

The XRP/USD is trading in the green on the intraday charts and looks set for more upside in the near term. The coin is up by over 3.76% in the last 24 hours and is currently trading at a price of $0.4042.The market capitalization of the coin has also increased to $20 billion, and the 24-hour trading volume is reported to be $3.98 billion.

Ripple price action on a 1-day price chart: XRP/USD trades above $0.4042

Ripple price analysis on the 1-day price chart shows that XRP/USD pair has been trading with a positive bias. The pair has formed higher lows and higher highs which is a bullish sign the price action recently had a breakout above the ascending triangle pattern that had developed over the past 24 -hours which is a bullish sign. The Moving average indicator is currently at the $0.4000 level and is sloping upwards which is also a bullish sign for the XRP price.

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XRP/USD 24-hour chart. Source: TradingView

The volatility is mild as the Bollinger bands continue to follow the same movement, and the price seems to be not breaking out of the range it has been following for the past month. The upper limit of the Bollinger bands is present at the $0.4215 mark representing the resistance, and the lower band at the $0.3774 mark represents the support; the average of the Bollinger bands is present at the $0.40 level. The relative strength index (RSI) is trading at index 54.20 in the upper half of the neutral range on an upwards slope indicating the buying activity in the market.

XRP/USD 4-hour price action: Recent developments and further technical indications

The 4-hour price chart for Ripple price analysis shows the price breakout was downwards at the start of today’s trading session, as the coin was in correction for 12 hours, and there on, bulls took the lead back and enhanced the price to $0.4042 as they started the upwards march again. Bulls have recovered the price to a level that the bullish trend has been reinstated.

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XRP/USD 4-hour chart. Source: TradingView

The bullish return is also obvious from the RSI curve as well, as it has turned upwards at index 57.69. The moving average is also trading far below the price level at the $0.40 mark, and the volatility seems high on the 4-hour chart as well, with the upper band at $45.7 and the lower band at $39.3.

Ripple price analysis conclusion

Overall, the Ripple price analysis is bullish as the pair has managed to retrace back above the $0.40 level and looks set to continue higher in the near term. The coin is recovering from the correction it had faced, and bulls look in control of the market at this moment.

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