TL;DR Breakdown
- XRP breaks above descending resistance trendline.
- Ripple moved to $1.60.
- $1.50 resistance now acts as a support.
Today’s Ripple price prediction is bullish as the market has moved considerably higher over the last 24 hours and has broken above the $1.50 resistance. Therefore, on a retest of the $1.50 support is completed, we should see XRP/USD move towards the next major resistance of $1.70.
The overall market trades with mixed results. The market leader, Bitcoin, is down by 1.22 percent, while Ethereum trades with almost 5 percent loss. Meanwhile, the best performance is seen for Stellar (XLM), which is up by 5.75 percent.
XRP/USD opened at $1.49 after slight bullish momentum yesterday resulted in the $1.50 briefly broken. From there the Ripple price made a brief retest of previous highs and started to push towards further highs. Over the past hours, Ripple established a new local high at $1.60, indicating that we will see further upside over the upcoming days.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $1.41 – $1.61, indicating substantial volatility. 24 hour trading volume has spiked by 155 percent and totals $16.4 billion. Meanwhile, the total market cap stands at $53.8 billion, placing the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP
On the 4-hour chart, we can see XRP/USD retesting the $1.50 mark as support as bulls prepare for another push higher.
The Ripple price action structure has become bullish over the past days as a new higher high was set yesterday. Over the past weeks, XRP/USD struggled to continue moving higher after a sharp retracement from the $1.95 all-time high resulted in a loss of over 50 percent. From there a strong base was established around the $1 mark, and Ripple recovered most of the loss as bulls pushed the price back to the $1.70 mark.
Earlier this week, Ripple started to retrace again with several lower lows and highs set. A descending trendline of resistance was established from the past lower highs, as mentioned in our previous Ripple price prediction.
After XRP/USD retested the descending resistance trendline on the 14th of May, the market failed to push lower and broke above it. From there, Ripple quickly spiked above the $1.50 mark and eventually reached $1.60, setting a new higher high.
Therefore, Ripple price action indicates that we might see another several-day bullish upswing forming. Once XRP/USD retraces some of the gains seen over the past hours, we could see further highs set next week. The first target is seen at the $1.70 mark, and if it is broken, the overall market momentum will shift to bullish once again.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market has moved above the $1.50 resistance and set a slightly higher local swing high at $1.60. Therefore, once Ripple sets a slight retracement, we should see another push higher towards the $1.70 price mark next week.
While waiting for further rice action development, read our guide on how to buy Ripple. Additionally, see our latest articles on Ethereum Classic and Monero, to learn more about other popular altcoins.
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.
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Source: https://www.cryptopolitan.com/ripple-price-prediction-2021-05-16/
