Over the last 24 hours, the overall cryptocurrency market traded in the green. The flagship currency, Bitcoin, is up by 1.85%, while Ethereum has gained 0.31%. Cardano price is still consolidating within $2.5. SHIB Price is the best performer, with more than 50% gain.
Ripple’s XRP is also well set up after months of bearish pressure owing to the ongoing lawsuit. Many anticipate that a Ripple win will be monumental and will lead the asset to explode. Over the week, the $1.05 support was retested twice, with clear rejection for further downside each time. From there, XRP/USD was consolidating within the $1.05-$1.15 level.
XRP Price Analysis
XRP tested the major support level at $1.05 with no clear higher highs yet, indicating a continuation for the consolidation. As per the 4-hour chart, After retesting the $1.07 support, the XRP/USD price attempts to rally higher once again. At press time XRP price is trading below the support level at $1.08. It seems that the altcoin price is recovering and a breakout is on the horizon.
At present, the cryptocurrency should break the $1.0731 pivot to bring the first major resistance level at $1.0942 into play. On successfully crossing the resistance level then XRP might retest the second resistance at $1.10294 which can further rally to hit $1.15 before any pullback. However, Price action near $1.17 remains critical and if the bulls persist, the XRP/USD pair may then be directed towards the $1.21 high ahead of the $1.41 barrier.
On the flip side, if the altcoin fails to break the $1.0942 level the price might drop to $1.0659 and the first major support level at $1.0433 comes into play. Barring extending selling pressure, it could plunge towards the second major support level at $1.0223 should limit the downside.
Will XRP Price Hit $1.2?
If the XRP price rebounds off the current level, the bulls will again try to push the price above the 20-day EMA. If they succeed, it will suggest that the correction could be over. The pair may then start its northward march toward $1.35.
Overall, the next 24 hours seem bullish, as support was found above $1.05. As a result, we anticipate XRP/USD to continue upward later today and aim for the $1.20 major resistance.
Technically, the price of Ripple is still in the range created by the resistance and support area marked on the chart. Although we give a higher probability for a breakout to the upside for this crypto, a retest of the support area before the upside is something that has a good chance of happening.