The price of Ripple (XRP) is slowly but surely climbing back to the $0.80 level. We are near $0.73 now. Can Ripple hit $0.80 again? Let’s have a look at the technicals.

Ripple is up 10% on the week, and some may have been taken by surprise by the sudden spike in price. However, it did not come as a surprise to anyone that has been paying attention to the markets, because this cryptocurrency had been on the rise for a few weeks now. As part of an ongoing promotion, Ripple sold a million XRP for $0.50 each. For the next few weeks, Ripple will be giving away 200,000 XRP for free each day. This week, the company has reported the promotion has raised over $300 million in value, and it is predicted that the promotion will continue to give the cryptocurrency a strong boost.

After making a new high yesterday, Ripple’s price has slowly retraced, but the XRP token remains in the green. The price bounced hard from a low of $0.632 last night, and didn’t stop there. The price pushed higher to $0.696 by 2:13 UTC, and then more sharply to $0.723 at around 3:21 UTC. The XRP token has since drifted downwards, standing at $0.691 at the time of writing (UTC). This is an increase from yesterday’s $0.643 price.. Read more about how much is xrp right now and let us know what you think.

Summary of the situation

  • XRP hit a new high yesterday.
  • Over the course of the night, Ripple fell back to $0.65.
  • The next target is $0.80.

Ripple’s price analysis for today is bullish, as the market pulled back and found support at $0.65 after a pullback from $0.74 where a higher high was set. Therefore, we can expect XRP/USD to move higher later this week and reach the next resistance at $0.80.

Four-hour chart XRP/USD. Source: TradingView

Ripple price analysis: Ripple slowly retraces overnight, prepares to push to $0.80 next? 

Ripple’s overall price action pattern remains very bearish now that the market has retreated more than 55% to the $0.50 level. From there, XRP/USD moved up towards the $0.70 resistance, and after a consolidation yesterday, another move up took place.

Overnight, the XRP/USD pulled back and found support at $0.65. Earlier in the day, the market attempted a rally, but the bears quickly pushed XRP back to the $0.65 level.

This development in price action has led to a solid foundation, meaning Ripple is poised for growth in the days ahead, with resistance at $0.80 as the next target. If the $0.80 mark is reached from the current price, XRP/USD would rise by 20%, representing a good potential trading opportunity.

Ripple price analysis: Supplement

Ripple price analysis for the next 24 hours is bullish, as the market peaked higher yesterday and fell back to $0.65 overnight. Such price action should lead to a further rise towards the $0.80 resistance level in the coming days.

In anticipation of the rise of Ripple, read our guide on the benefits of DeFi, bitcoin commissions and what you can buy with bitcoin.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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