XRP continues consolidation at $0.40, upside still to be tested?


www.cryptopolitan.com

46 m

Reading time: ~2 m


Ripple price analysis is bearish today as we have seen another test of the $0.40 support and consolidation ever since. Therefore, XRP/USD is still to post another test of upside towards the $0.44 mark.

Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leader, Bitcoin, gained 2.37 percent, while Ethereum gained 2.4 percent. Meanwhile, Avalanche (AVAX) gained over 5.6 percent and has been one of the top performers from the major altcoins.

Ripple price movement in the last 24 hours: Ripple consolidates above $0.40

XRP/USD traded in a range of $0.4105 – $0.4216, indicating mild volatility over the last 24 hours. Trading volume has declined 26 percent, totaling $892.55 million, while the total market cap trades around $20.28 billion, resulting in a market rank of 6th place.

XRP/USD 4-hour chart: XRP looks to break higher?

On the 4-hour chart, we can see bullish momentum slowly building up over the past hours, indicating that the $0.44 previous local high will be tested soon.

XRP/USD 4-hour chart. Source: TradingView

Ripple price action has seen consolidation continue over the past week and the $0.40 support. Slightly lower highs were set along the way, forming a descending triangle consolidation pattern.

However, XRP/USD trades in a very narrow range right now, indicating that a break to either side could soon follow. Considering the $0.40 support holding the market from further downside over the last 24 hours, a push higher should follow.

Therefore, if Ripple price action can push slightly higher over the next hours, we could quickly see a spike to $0.46 local major resistance. If it is broken, the market will turn even bullish for next week.

Ripple price analysis: Conclusion 

Ripple price analysis is bullish as consolidation slowly turns into upwards momentum. Therefore, XRP/USD should see another local push higher, potentially to the $0.46 major resistance.

While waiting for Ripple to move further, see our articles on how to buy BTT, Elongate, and CRO coins.

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 link

You May Also Like