Bitcoin’s latest price surge has seen it reach a new all-time high, and it appears to be staying high. The price of XRP and other cryptocurrencies has been one of the biggest beneficiaries of Bitcoin’s rise, and its price has continued to climb. XRP has seen its price reach a new all-time high, and with Bitcoin’s price staying high, there are signs that a reversal could be underway – but only if Bitcoin stays high!
Ripple (XRP) found a lot of resistance at $0.61 on Friday. The price had been holding at this level for the last few sessions. Bulls were counting on the price to move higher before the weekend, but failed to push past the resistance. Bulls will likely look to break above $0.62 once again, but will need the price to move above $0.63 first.
The Ripple price is finding resistance around the $0.60 mark, and could soon break above it. This is a signal to buy before a reversal occurs.. Read more about xrp news and let us know what you think.
TL;DR Summary
- Yesterday, the price of XRP increased.
- Overnight, resistance around $0.60 was tested.
- Today’s market is expected to reverse.
Ripple price research suggests that negative momentum may emerge later today, since the $0.60 barrier was broken overnight, and bulls are likely tired. As a result, we anticipate XRP/USD to begin falling this weekend and eventually hit $0.50 next week.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has had mixed outcomes. Bitcoin is up 1.2 percent, while Ethereum is up 3.2 percent. With a 2% loss, Binance Coin (BNB) is among the poorest performers.
Price trend of Ripple during the past 24 hours: Ripple attempts new highs over $0.60.
Over the past 24 hours, XRP/USD has moved in a range of $0.5655 to $0.6084, showing moderate volatility. The overall trading volume has dropped by almost 13% to $2.367 billion. Meanwhile, the entire market value of Bitcoin is approximately $27.4 billion, putting it in sixth position worldwide.
4-hour chart of XRP/USD: Are we headed for another drop?
On the 4-hour chart, we can see Ripple losing momentum around the $0.60 barrier as bears ready to drive the market down once more.
4-hour chart of XRP/USD. TradingView is the source of this information.
Over the last several weeks, the price of ripple has been trading with a strong negative trend. Following the previous swing high of $0.74 at the end of June, XRP/USD fell more than 30% to the $0.52 low, setting a slightly higher major swing low for the time being.
Following that, the price has risen during the last several days above the prior support turned resistance level of $0.60. As a result, XRP/USD has begun to show indications of gaining bullish momentum. However, additional gain seems improbable at this time, since bulls have run out of steam and Ripple needs another wave down to retest prior lows.
If the $0.52 swing low is broken, the next swing low is about $0.50, which is very near. We may anticipate a lot more additional losses in the coming weeks if both of these support levels are breached. Alternatively, XRP/USD may make a new higher bottom above $0.52 in the coming weeks and begin to trend upward.
Conclusion of the Ripple Price Analysis
After a powerful rise over the past 24 hours and a test of the $0.60 barrier, Ripple price analysis suggests negative momentum will continue over the weekend, and bulls are likely to be fatigued. As a result, we may anticipate XRP/USD to begin trading downward during the weekend, with a target of $0.50.
While you wait for Ripple to drop any further, check out our tutorials on Bitcoin costs, what you can do with Bitcoin, and DeFi benefits.
Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
The ripple price analysis shows that the ripple price is finding resistance around $0.60, with a possible upside break to $0.70 and resistance at $0.60.. Read more about xrp/btc price and let us know what you think.
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