Ripple price analysis for 4 June, 2021

  • XRP retested $1.10 resistance yesterday.
  • Support found at $0.95 as of now.
  • Next resistance target at $1.20.

analytics60ba3e28a7310.jpg

Ripple price analysis is bullish for today as the market has retraced and prepares to print another higher low. Therefore, we expect XRP/USD to move to $1.20 resistance over the weekend.

XRP/USD opened at $1.04 today after a neutral close yesterday. Overnight, the Ripple price started to retrace and reached $0.92 mark over the past hours. Therefore, we should see a higher low set and another push higher over the weekend.

XRP/USD traded in a range of $0.9202 -$1.05, indicating a moderate amount of volatility. Trading volume has increased by 10.55 percent and totals $4.3 billion. Meanwhile, the total market cap trades at $42.6 billion, ranking the cryptocurrency in 7th place.

The overall market continues reversing from the previous major retracement from the $1.70 last swing high. Support was finally found around the $0.64 mark and from there the market started to prepare for a move higher.

First, we saw a rebound to $1.10 mark and from there, XRP/USD reversed to $0.80 mark, setting a higher low. From there, the Ripple price set a higher high at the $1.10 resistance, indicating that the price structure has shifted back to bullish.

Currently XRP/USD forming higher low, indicating that we should see another higher high set over the weekend. The first target is located at the $1.20 mark.

The material has been provided by InstaForex Company - www.instaforex.com

Pages