Ripple prices are bullish for today, up by more than 3% on the daily candle that was opened at $1.21. The daily high sits at $1.296 and with a dominance of a little over 2% and a market rank of #7.
According to the data presented by CoinmarketCap, the 24-hour high for Ripple stands at $1.30 with a low of $1.19. The trading volume for the token has nearly doubled in the last 24-hours, standing at $5.3 billion.
While Bitcoin today reclaimed the $66,000 price level and is nearly 1.5% away from its all-time high, the market sentiment turned purely bullish as Ethereum reached an all-time high.
Ripple price analysis on the daily chart using technical indicators
The technical indicators suggest a bullish price for Ripple today as the 50-day and 100-day Moving Averages are currently progressing below the price movement.
Furthermore, the price action broke down from the upper end of the Bollinger Bands, turning the price movement bullish overall.
On the other hand, the RSI indicator suggests that the buying pressure has increased and is defeating the selling pressure as the gradient of the RSI line is positive. The RSI line is currently resting above 60-level, and we can expect higher prices in the short term.
On the MACD indicator, the blue line (MACD line) shot up above the orange line (signal line), and hence, XRP/USDT shows a bullish divergence. As a result, the histogram also turned green, and it seems that the bulls will take the price action upwards, to test $1.30.
Final Verdict
The final verdict for the Ripple price analysis is bullish as the token breached the resistance present at $1.18. The nearest support currently remains unbroken, at $1.21, and it seems that this price level will continue to hold in the short term as well.