Ripple price analysis: XRP back above $0.70 support and queues ascent up to $0.86

TL;DR Breakdown

• Ripple price analysis shows price rose almost 4 percent over the past 24 hours
• XRP crossed the $0.70 support zone for the first time in a week to initiate bullish trend
• Trading volume and market capitalisation rose by 6 and 3 percent, respectively

Ripple price analysis shows bullish signs today, as price rose up to $0.80 over the past 24 hours. Starting the day at $0.721, price currently sits at $0.787 and remains on course to test the $0.86 resistance over the duration of the newfound uptrend. After last week’s decline down to $0.62, XRP has bounced back strongly and shows the buying that took place at discounted prices over the past 5 days. Over the past 24 hours, XRP trading volume increased by 6 percent, along with market cap rising by 3 percent to paint a largely bullish scenario for the token.

The larger cryptocurrency market also picked up significantly over the day’s trade, as Bitcoin raced up to $44,000 with a 7 percent upturn. Ethereum followed suit, and remains in touching distance of the crucial $3,000 mark with a 7 percent rise. Cardano and Dogecoin rose 4 percent each, to sit at $0.96 and $0.13, respectively. Meanwhile significant increments were made by Polkadot (7 percent), Terra (8 percent), and Avalanche (9 percent).

Ripple price analysis: Bullish consolidation needed to test resistance zone

On the 24-hour candlestick chart for Ripple price analysis, price can be seen finding an upturn towards the $0.80 mark where some short-term profit taking action could be expected. However, to move up to test $0.86 resistance and beyond, further momentum will be required, as indicated by major technical indicators. Price rose above the crucial 25-day exponential moving average (EMA) at $0.75 over the day’s trade and will be headed upwards as long as it stays above the zone. Any potential downturn beyond this point may trigger a 12 percent decline back to the lower cap of $0.64 set on February 24.

The 24-hour relative strength index shows a strong market valuation for XRP at 52.09, as it continues to move higher with higher lows The moving average convergence divergence (MACD) has been showing bearish signs, but is approaching a bullish crossover above the neutral zone to indicate change of momentum. Overall, XRP price needs to hold above the $0.70 support to avoid potentially damaging losses and to continue testing the $0.86 resistance. As price further consolidates, selling action may be also be seen with profit taking set around the $0.80 mark.

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