It’s been an interesting ride so far this year for ripple, which has seen its price skyrocket from just over $0.25 at the start of the year to its current level of $0.70 – close to double the price it was at in January. Today, XRP’s price is hovering around $0.70, but it’s been making a steady climb up, and looks poised to close the day at around $0.80, which would be a 5% gain.
Today, we have another market run: XRP price has surged by more than 8% and is currently trading at 0.9900 USD. This is a major movement, as we’ve already seen two price spikes, each of which was more than 10% in this week. The first came on the 13th, when the price went from 0.6800 USD to 0.8200 USD, while the second one came on the 19th, when the price went from 0.5600 USD to 0.6600 USD. Now, we are going through a third spike: the price is currently at 0.7000 USD, but we are expecting it to go even higher than 0.7000 USD.
Ripple is up over 24% over the last 24 hours, as of 11:20 a.m. EST, as the cryptocurrency continues to rally after reaching all-time highs on Wednesday. The token took off on the news that Goldman Sachs and Santander are exploring using the technology behind the cryptocurrency to move money across borders at a faster speed than traditional banks. The XRP token has gained more than 90% in the last two months, even as other cryptocurrencies have struggled. XRP, whose best-known application is the Ripple Transaction Protocol, handles more than 50% of all cryptocurrency transactions. XRP is up 24% over the last 24 hours, reaching a high of $0.706 on Wednesday.. Read more about xrp price prediction 2023 and let us know what you think.
Summary of the situation- The XRP went up yesterday.
- Earlier in the day, Ripple rose to $0.70.
- The market is deciding which direction to take.
Ripple’s price analysis is bullish today, as we have seen strong bullish momentum over the past 24 hours. Therefore, we expect the XRP/USD to continue to rise today and try to break through the $0.70 level.
4 hour chart of the XRP/USD. Source: TradingView
Overall, the market traded in a very strong bearish momentum in recent weeks after the previous high of $1.10 was reached in early June and the bulls were unable to push Ripple higher from there.
This move in XRP price action has resulted in a loss of over 50% to support around $0.50. Then there was a small rebound and a test of the $0.70 level last week.
After a slight consolidation over the weekend, the XRP/USD rebounded and made a strong move to the highs yesterday. Overnight, the bulls pushed the market even higher and we saw a wave of gains in the last few hours.
This has pushed the price of the XRP/USD up to $0.70 in the past few hours. If the market manages to break out to the upside, it would be a clear sign that the market is looking to reverse the medium-term trend to the upside next week.
Otherwise, if the XRP fails to break above $0.70, we can expect further declines for the rest of the week, with $0.50 support likely to be tested again. If the $0.50 level is broken, the next support level is at $0.40, implying that the overall price action structure remains bearish.
Ripple price analysis: Supplement
Ripple’s price analysis for the next few hours is bullish, as we expect the bulls to try to break out above the previous resistance high at $0.70. From here, we could see much more upward movement this week as the bearish momentum that has persisted for several weeks comes to an end.
While we wait for Ripple to rise above $0.70, check out our guides on the benefits of DeFi, bitcoin fees, and Chinese miners.
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