XRP/USD bullish for the next 24 hours

TL;DR Breakdown

• Ripple price analysis is bullish today.
• XRP/USD consolidates above $0.60.
• Ripple is currently trading at $0.60.

Since our last Ripple price analysis, we changed the short-term outlook for Ripple because we anticipated a higher low around $0.90, and today’s mini uptrend confirms it: we believe there is a new floor for XRP/USD at $0.65, and the price should look to reach over-the-weekend highs closer to $0.75.

Ripple price movement in the last 24 hours: Ripple holds above $0.60

If prices break past $0.65, we will likely test a higher high at $0.735; if this resistance is broken, higher highs will be set closer to $0.75 with more significant resistance at $0.85 and $0.90.

For now, we maintain a bullish outlook on Ripple because of the higher low around $0.60, and an over-the-weekend close is likely given today’s price action. We believe there are solid foundations for further upside movement in XRP/USD, but as with all cryptocurrency markets, there is no certainty given the lack of volume and volatility.

At the time of writing, Ripple was trading for $0.63, but as we mentioned earlier, we anticipate over-the-weekend highs to be established around 0.75 XRP/USD, and this trade will likely break past $0.735 at the very least.

As with all markets, we advise caution, and it’s important to remember that XRP/USD is still in a short-term downtrend, so expect some volatility along the way toward $0.75 or beyond.

XRP/USD 4-hour chart: XRP ready to continue higher?

The next resistance to watch is $0.735 because if that level breaks, there’s a good chance that XRP will test the next resistance, which is at $0.75, and this level will likely be where buyers take control, pushing price action to our first major target around $0.85.

The MACD on the 4-hour chart is still downtrend, so there is no sign of Ripple moving away from its bearish trend yet. However, we see the RSI move above 50, indicating that momentum may be turning slowly to support upside in XRP/USD, and it’s likely the higher lows will continue into over-the-weekend highs.

Any breach of the current support level around $0.55 should be a positive sign because it’s very likely that XRP will continue to move higher from there.

More significant resistance levels are at around $0.75 and then $0.85 but only once the dominant downtrend has been broken will we look for higher price action toward $1.00.

We maintain a short-term bullish outlook on Ripple because it’s trading above the $0.60 handle. We anticipate that this will continue into over-the-weekend highs around $0.75 or higher to revalidate our forecast in the medium term.

Ripple price analysis: Conclusion 

Although we are still bearish in the short term, there is a chance this will change soon after Ripple broke past $0.60 and established a higher low. Given today’s price action so far, it seems likely XRP/USD will build momentum on moving past $0.65 and higher, as we have been saying for the last couple of days.

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