Ripple Price Analysis: XRP rallies to $0.90, prepares to slowly retrace today?

TL;DR Breakdown

• XRP continued moving higher yesterday.
• Ripple breached $0.84 resistance overnight.
• $0.90 resistance prevents further upside.

Ripple price analysis indicates bearish momentum to follow over the next 24 hours as another rapid move higher was seen overnight. Since the $0.90 mark currently offers resistance, we expect XRP/USD to reverse and test the $0.84 support later today.

The cryptocurrency market traded in the green over the last 24 hours. Market leader, Bitcoin has increased by 0.39 percent, while Ethereum is up by 1.84 percent. Cardano (ADA) is among the best performers, with a gain of around 19 percent.

Ripple price movement in the last 24 hours: Ripple rallies to $0.90

XRP/USD traded in a range of $0.8069 – $0.901, indicating strong volatility over the last 24 hours. Trading volume has increased by 46.3 percent and totals $5 billion. Meanwhile, the total market capitalization trades around $41.5 billion, resulting in a market rank of 6th place.

XRP/USD 4-hour chart: XRP set to retrace?

On the 4-hour chart, we can see the Ripple price action failing to move higher after reaching $0.90 resistance, indicating an upcoming reversal.

Ripple price action has seen strong bullish momentum over the past week. From the previous major low, around $0.52, XRP/USD rallied by more than 72 percent until the $0.90 resistance.

The rapid advance in price also indicates that the overall market structure has become bullish once again, and we can expect a lot more upside over the next weeks. However, as of now, the Ripple price action is too extended, and a retracement is needed.
XRP/USD will likely retrace once more over the next days and retest the $0.84 resistance as support. From there, we can expect further upside, with the $1 mark as the next price target.

Ripple Price Analysis: Conclusion 

Ripple price analysis indicates bearish momentum to follow over the next 24 hours as a new higher high was set around $0.90, and the market is extended as of now. Therefore, we expect XRP/USD to reverse and retest the previous resistance at around $0.84 as support next. 

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/ripple-price-analysis-2021-08-11/