Ripple Price Analysis: XRP peaks at $0.56, begins to retrace

TL;DR Breakdown

Ripple price analysis is bullish today.
XRP/USD reversed yesterday above $0.56.
Strong buying pressure was seen overnight.

Ripple price analysis is bullish today as we expect more upside to follow after further downside was rejected yesterday. Therefore, XRP/USD should continue even higher today and retrace even more of the previous loss.

Ripple Price Analysis: XRP peaks at $0.56, begins to retrace 1 — Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has turned green over the last 24 hours. The market leader, Bitcoin, has gained 0.38 percent, while Ethereum by 0.71 percent. Ripple;e (XRP) follows with a gain of over 2 percent

Ripple price movement in the last 24 hours: Ripple starts to retrace

XRP/USD traded in a range of $0.5594 – $0.6176, indicating strong volatility over the last 24 hours. Trading volume has increased by 0.72 percent, totaling $3.225 billion. Meanwhile, the total market cap trades around $29.45 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP moves back above $0.60

On the 4-hour chart, we can see the Ripple price rapidly increasing as bulls have regained control late yesterday.

Ripple Price Analysis: XRP peaks at $0.56, begins to retrace — XRP/USD 4-hour chart. Source: TradingView

Ripple price saw a steady decline turn into a massive selloff this week. After several days of retracement from the $0.81 mark, XRP/USD reached $0.72 support, from which a slight reaction higher followed.

However, bears quickly took over the momentum at $0.76 on the 20th of January. Over the next days, XRP lost over 25 percent to the $0.56 mark.

Since then, the Ripple price action has seen a reaction higher. Overnight, bulls pushed XRP/USD back above $0.60, with no signs of slowing down. Therefore, XRP is headed for a very bullish move today.

Ripple Price Analysis: Conclusion

Ripple price analysis is bullish today as we have seen reversal late yesterday and a return above the $0.60 mark this morning. Therefore, we expect XRP/USD to move even higher over the next 24 hours.

While waiting for Ripple to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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-2022-01-23/