TL;DR Breakdown
- Ripple price analysis is bullish today.
- XRP/USD is currently trading at $1.192
- Technicals are bullish on XRP/USD.
Today’s XRP price analysis is positive as a new higher low will almost certainly be established at the $1.16 mark, resulting in a reversal. As a result, we anticipate XRP/USD to rise again above $1.22 and proceed higher to $1.25 in the near term.
The daily chart above for XRP/USD shows that Ripple‘s price is currently trading at $1.192 and is up 4.31% in 24 hours. The current market sentiment for XRP/USD is bullish as it’s trading above Ichimoku cloud and the base and conversion line (yellow, orange), which signals a bullish move in the near term.
The relative strength index ( RSI ) favors buyers; it is trading above 50 but very close to 52, which typically signals a buy for Ichimoku traders.
However, we note that the Oscillator is green today but red on last Friday, which signals indecision in the market, and a retracement could be possible. For now, though, it looks like XRP/USD will continue pushing higher.
The daily chart above shows a similar picture for XRP/USD, but it can be seen that the Ichimoku Cloud is thicker, which signals stronger support for XRP/USD. Similar to yesterday’s technical analysis, we are looking for an early daily close above the conversion line at $1.2166, which will signal bullish momentum in the market today.
XRP/USD 4-hour chart: XRP looking to reverse above $1.16?
On the 4-hour chart, we can see previous resistance at $1.16 currently holding the Ripple price action from moving lower, likely resulting in a reversal later today.
As far as resistance goes, there are no obstacles between now and $1.25 apart from the Ichimoku cloud, which could act as a resistance, but nothing is stopping XRP/USD from rising above it.
If you’re currently holding onto your XRP, then consider selling at any price above $1.2166 to take some profits off the table, as there are no guarantees that this will be an ongoing bull rally.
If the price cannot maintain itself at $1.22 and falls further to $1.16 (previous support), the push to highs may likely fail, and we could see a reversal take place in XRP/USD. If this does happen, consider accumulating around $1.12 and setting a sell order to target $1.16 for a new low or a test of the highs.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today, and we anticipate XRP/USD to rise again above $1.22 and proceed higher to $1.25 in the near term. There are no guarantees that this will be an ongoing bull rally on the 4-hour chart, but there is strong momentum in place on lower timeframes.
