Ripple price analysis is bullish today as the coin surged from $0.30 to $0.44 in an explosive move that caught everyone off guard. The price is now trading at $0.43 and looks poised for more gains in the short term.
Ripple price analysis daily chart shows that the price is currently trading just below the $0.45 resistance level. This is a key level to watch as a breakout above it could lead to further gains in the short term. On the downside, support is found at $0.30, which is where the recent breakout occurred.
Ripple price movement in the last 24 hours: Ripple drops another 6 percent
In the last 24 hours, Ripple Price analysis has dropped by another 6 percent and is currently trading at $0.43. The coin surged to highs of $0.44 earlier today but failed to sustain the momentum and pulled back slightly. The main support levels to watch are at $0.40 and $0.38, while resistance is found at $0.45 and $0.50.
XRP/USD 4-hour chart: XRP ready to reverse at $0.32?
On the 4-hour Ripple price analysis chart, we can observe that Ripple’s decline has begun to show signs of resistance at the $0.32 mark. If the price does not reverse itself by the end of the day, we may anticipate an upswing over the remainder of this week.
Ripple price action has seen consolidation over the past few days as the bulls and bears battle it out. The market looks to be coiling for a breakout and the next move could provide some clues as to which direction the market will take. The Relative Strength Index (RSI) is currently just below the 50 levels, indicating that there is still some room for upside in the short
A new swing high was reached above $0.38 for a brief moment before another consolidation began. This time the trading area was located around $0.355 to $0.375.
Late last week, the consolidation turned into a reversal, leading to a rapid decline to the $0.34 previous resistance. The selloff did not stop there, as another 6 percent were lost since then.
Currently, we can see the Ripple price analysis showing signs of rejection for further downside. Potentially bears are finally exhausted, and the previous support/resistance level at $0.32 could serve as the pivot point.
However, if the $0.32 mark gets breached, Ripple price analysis could see a lot more downside rather quickly. In this scenario, the next step would be the $0.30 previous consolidation area.
Ripple price analysis: Conclusion
The Ripple price analysis is in a good position, as we’ve seen a retracement of over 17% and indications of rejection at the $0.32 previous support/resistance level. As a result, XRP/USD may soon reverse course and attempt to rise once again. The next target on the upside would be $0.40 if the $0.32 level can hold. On the other hand, if the $0.32 level gives way, XRP/USD may retest the $0.30 support area once again.
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