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’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.
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