Ripple Price Analysis: XRP retraces to $0.82, higher low slowly set?

TL;DR Breakdown

Ripple price analysis is bullish today.
XRP/USD retraced overnight.
Some support found at $0.82.

Ripple price analysis is bullish today as we expect higher low to be set soon as the $0.82 mark currently offers support. Likely XRP/USD will reverse from there, and head to break further higher highs.

Ripple Price Analysis: XRP retraces to $0.82, higher low slowly set? 1 — Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, both are in the red, with a mild loss of 1.31 and 1.15 percent. Meanwhile, Ripple has declined less, with a loss of just over 1 percent.

Ripple price movement in the last 24 hours: Ripple retraces from previous high at $0.865

XRP/USD traded in a range of $0.8241 – $0.8455, indicating mild volatility over the last 24 hours. Trading volume has increased by 24.31 percent, totaling $1.554 billion, while the total market cap trades around $39.46 billion, ranking the coin in 8th place overall.

XRP/USD 4-hour chart: XRP looks to set a higher low at $0.82?

On the 4-hour chart, we expect the Ripple price action to reverse soon as the market has retraced enough and is likely ready to break higher again.

Ripple Price Analysis: XRP retraces to $0.82, higher low set? — XRP/USD 4-hour chart. Source: TradingView

Ripple price has seen consolidation formed above $0.81 for the past days. After previously declining by around 20 percent, we have seen the end of the decline by the end of 2021.

A retest of the newly found support at $0.81 followed on Friday, leading to a quick reaction higher. Over the following days, XRP/USD slowly set a higher local high at $0.875, indicating bullish momentum forming.

Therefore, the current retracement likely will set a higher low soon and prepare the market for the next move higher. The next target is seen at $0.9, meaning that the Ripple price could see a strong move higher later this week.

Ripple Price Analysis: Conclusion

Ripple price analysis is bullish today as we expect higher low to bet set as the retracement comes to an end. Likely XRP/USD is now ready to test further upside and will move towards the $0.9 next major resistance over the next days.

While waiting for Ripple to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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Source: https://www.cryptopolitan.com/ripple-price-analysis-2022-01-04/