XRP is rising but is still constrained by a close consolidation
The price of ripple is rising today, and after a higher bottom was made on Thursday at $0.60, more growth is anticipated. Because of this, the current retreat should conclude with another effort to move XRP/USD higher over the weekend.
The market has steadily recovered bullish momentum during the last 24 hours. Meanwhile, Ripple (XRP) has experienced a little decline of about 1%.
Ripple steady above $0.60
The price of XRP/USD fluctuated significantly during the preceding 24 hours, ranging from $0.5934 to $0.6189. To $1.15 billion, the total trade volume has declined by 21.49 percent. However, the currency is ranked ninth overall with a total market value of around $29.34 billion.
On the 4-hour chart, we can see that the price of ripple is starting to increase and is expected to reach its previous high of $0.65 this weekend.
Impact price action has been fairly quiet this week. XRP/USD reached a considerably higher high of $0.65 on January 26th after a multi-day rally, indicating that bullish power has returned to the larger market structure.
Source – TradingView
The retracement that followed produced a higher bottom at $0.60, indicating continued rosy market activity. Since that time, XRP has moved sideways above the support, creating a strong base for further gains.
As a result, another attempt to raise XRP/USD should start soon. The minor upward trend of the ripple price suggests that there will likely be further gains in the hours to come.
The pricing of ripple is favourable since, in recent days, a clear upper bottom was produced around $0.60. It is probable that a strong consolidation base has been established, and XRP/USD is now prepared to rise.
