Ripple price analysis: XRP looks to set a higher low at $0.72, rally incoming over the weekend?

TL;DR Breakdown

Ripple price analysis is bullish today.
XRP/USD saw rejection at $0.72 yesterday.
Consolidation followed overnight.

Ripple price analysis is bullish today as we expect another higher low to be set, leading to another push higher over the weekend. Likely XRP/USD will set another higher high next and target the $0.80-$0.81 next resistance area.

Ripple price analysis: XRP looks to set a higher low at $0.72, rally incoming over the weekend? 1 — Cryptocurrency heat map. Source: Coin360

The overall market has moved with mixed results over the last 24 hours. Bitcoin lost 0.36 percent, while Ethereum remained practically flat with a 0.06 percent loss. Ripple has seen a slight increase of 0.27 percent as recovery is starting to take place.

Ripple price movement in the last 24 hours: Ripple consolidates above $0.72

XRP/USD traded in a range of $0.7283 – $0.7507, indicating substantial volatility over the last 24 hours. Trading volume has declined by 26.26 percent, totaling $1.99 billion, while the total market cap trades around $35.26 billion, ranking the coin in 7th place overall.

XRP/USD 4-hour chart: XRP on its way higher?

On the 4-hour chart, we can see bullish momentum slowly returning for the Ripple price as another higher low was set yesterday.

Ripple price analysis: XRP looks to set a higher low at $0.72, rally incoming over the weekend? — XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen steady consolidation in an increasingly tighter range over the past week. After several tests of $0.70 support and lower local highs set, the trading range became very narrow at the beginning of the week.

A rapid break higher followed on 9th of March, quickly leading to new higher local high set at $0.78. From there, XRP/USD swiftly retraced early yesterday, finding a higher low at $0.72.

Overall, this Ripple price action development indicates a bullish market structure has been set. Unless the current support level is broken, we expect XRP/USD to see a lot more upside over the weekend.

Ripple price analysis: Conclusion

Ripple price analysis is bullish today as we have seen both higher high and low set over the past days. Therefore, XRP/USD should see an upsurge over the weekend, potentially reaching the $0.80 next resistance.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-03-11-2/