Over the past few weeks, XRP has been in the spotlight with a lot of people putting a good amount of weight on the coin. The market has been highly volatile in the past few days, as we saw a large swing between $0.85 and $0.84 today. This was followed by a swing between $0.83 and $0.80. Currently, the price is up at $0.84, which is a 9% rise from yesterday’s low.
The past week saw Ripple’s XRP drop from $0.64 to $0.54, as the bearish market once again showed that bears rule the crypto land. With the bears having once again reigned supreme, XRP looks set to reverse back towards the $0.80 mark. Not only this, but given the fact that XRP failed to breach $0.80, it also seems that Ripple may be set to reverse all the way back to $0.60.
Over the past 5 days, the Ripple price has been stuck in a tight range, with the XRP currency fluctuating between $0.80 and $0.84, which is the level at which Ripple’s market cap is currently sitting comfortably. However, there is little doubt that XRP is ready to breach the $0.84 level and reassert itself in the global crypto currency market. The Ripple price has a number of things working for it at the moment, which is why investors should consider buying the XRP currency today.. Read more about realistic xrp price prediction and let us know what you think.
TL;DR Summary
- Yesterday, XRP reached a new high of $0.775 per unit.
- Ripple was unable to surpass its prior peak overnight.
- Another retracement is expected in the market.
Ripple price research suggests that negative momentum will prevail over the next 24 hours, since additional upside was not achieved overnight despite numerous efforts. As a result, we anticipate a retracement later today, with XRP/USD testing the $0.775 support once again.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has had mixed outcomes. Bitcoin has lost 0.55 percent of its value, while Ethereum has gained 0.57 percent. With a gain of 6%, Cardano (ADA) is one among the top performers.
Price movement of Ripple in the past 24 hours: Ripple fails to break over $0.84.
Over the past 24 hours, XRP/USD has moved in a range of $0.7993 to $0.8274, showing moderate volatility. Trading volume has dropped by 12% to $3.32 billion, with a total market value of $37.6 billion, putting the cryptocurrency in sixth position worldwide.
4-hour chart of XRP/USD: XRP is about to retrace.
On the 4-hour chart, we can see that the Ripple price failed to hit new highs overnight, implying that another pullback is likely later today.
4-hour chart of XRP/USD. TradingView is the source of this information.
Over the past several weeks, Ripple’s price has traded with a strong positive trend. At the end of July, XRP/USD began to recover after hitting a slightly higher swing low at $0.52.
On the 28th of July, the previous swing high of $0.74 was broken, and the price action that followed established a new swing high around $0.775. The price of Ripple then saw a pullback and a push upward. Another higher high was reached at $0.84 on August 8th.
XRP/USD, on the other hand, was stretched too far without a substantial pullback and a regression to retest prior resistance, which was required as support. Yesterday, the Ripple price hit the prior resistance level of $0.775 and was rejected on the downside, suggesting that a new higher low had been established.
Ripple rebounded back to the previous high from the support, but was unable to break through. Around $0.82, consolidation occurred, suggesting that the market is poised for another pullback later today.
Conclusion of the Ripple Price Analysis
Ripple price analysis is negative for the next 24 hours, as further upside was not achieved overnight, and the market began to revert. As a result, we anticipate that XRP/USD will retreat back to $0.775 later today and retest it as support.
Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.
Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
The price of XRP has been stagnant as we head into the weekend, despite the fact that the currency has been recovering from a recent slump. Last week, XRP surged to a new all-time high of $0.84 as the cryptocurrency market recovered from the market’s recent correction, but the price has since fallen back to its current level.. Read more about xrp news and let us know what you think.
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