- XRP retests resistance at the $0.58 mark.
- Ripple broke minor resistance at $0.54.
- Ripple likely to test the previous high at $0.60 over the weekend.
Today’s Ripple price prediction is bullish as the market continues moving with a very bullish momentum towards the previous high at $0.60. If the market can continue its current momentum, we are set for a new higher several-week high over the weekend.
Cryptocurrency heat map. Source: Coin360
The crypto market is in the green today. Market leader, Bitcoin, is up by 4.69 percent and has a market dominance of 61 percent. Most major altcoins are up by around 10 percent as some of the loss seen over previous days is regained.
Ripple price prediction: Ripple continues moving towards $0.60, new higher high soon?
XRP/USD opened at $0.51 after the market spiked to retest $0.45 earlier this week. Since the bullish Ripple price momentum has already reached close to the previous major reversal area around $0.58-$0.60, we should see some rejection later today. If XRP/USD manages to set a new local swing high, the overall price structure will start to become bullish again.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.4956 – $0.575, indicating a good amount of volatility for the cryptocurrency. Trading volume has decreased by 11 percent and totals $6.2 billion, meaning that the upwards pressure is the result of limited selling pressure overall. Total market capitalization stands at $25.4 billion, ranking the coin in 7th place.
XRP/USD 4-hour chart – XRP test previous resistance as a support
On the 4-hour chart, we can see that the price approached the $0.58 resistance level earlier today. A little rejection was initially seen as the market briefly moved back towards the previous support/resistance level of $0.54. Therefore, Ripple will likely attempt to move higher again over the upcoming hours.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has seen huge volatility this week again. After reaching $0.60 on Monday, the market started to consolidate above $0.54. On Wednesday, the Ripple price sentiment changed dramatically, and the market started selling off at a very rapid pace. In just a couple of hours, support at the $0.45 mark was reached, and a further downside was rejected.
What followed was an equally strong push to the upside over the past 24 hours. Ripple pushed back above the $0.54 mark and found resistance just below $0.58. Since then, some minor rejection has been made, indicating that we could see another significant reversal over the weekend.
Suppose the current minor support around $0.54 can hold the market from moving lower. In that case, we should see the previous significant swing high of $0.60 broken over the upcoming 24 hours, which would be a very bullish signal for the overall price structure.
Alternatively, if Ripple cannot move higher, we could see the market push towards the $0.49 previous resistance turned support. This would likely result in XRP/USD forming a consolidation range again with increasingly lower lows and highs. From there, the price of Ripple would probably build a base from which to move higher at the end of next week.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market continues moving with solid bullish momentum. However, XRP has reached an extreme resistance around the $0.58-$0.60 area.
Much depends on whether Ripple can sustain its momentum. If we see XRP moving above the $0.60 mark, we can expect the overall several bullish price action to continue next month.
While waiting for Ripple to move higher, see our long-term price predictions on Litecoin and IOTA. Additionally, see our latest guide on Bitcoin halving.
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.
Bitcoin Price Analysis: BTC breaks above $65,000 all-time high, further upside to follow today?
- Bitcoin price analysis is bullish.
- BTC/USD set a new all-time high at $67,000 yesterday.
- Slight retracement to retest $65,000 as support overnight.
Bitcoin price analysis is bullish today as a higher low has been set after a retest of $65,000 as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.
The cryptocurrency market traded with strong bullish momentum over the last 24 hours. Bitcoin gained 3.12 percent, while Ethereum gained 12.35 percent. Meanwhile, Solana (SOL) continues to dominate the market, with a gain of 20 percent.
Bitcoin price movement in the last 24 hours: Bitcoin sets new all-time high at $67,000
BTC/USD traded in a range of $63,807.96 – $66,930.39, indicating substantial volatility over the last 24 hours. Trading volume has increased by 34.33 percent and totals $49.2 billion, while the total market cap trades around $1.24 trillion, resulting in the market dominance of 46.29 percent.
BTC/USD 4-hour chart: BTC to reach $68,000 today?
On the 4-hour chart, we can see Bitcoin price slightly retracing overnight as bulls prepare for another push higher today.
Bitcoin price action has seen steady growth so far in October. After a several-week consolidation above $41,000 at the end of September, a strong push higher was seen on the 1st of October.
Since then, BTC/USD has seen steady growth with several higher highs and lows set. From the previous major swing low of $41,000 to the current swing high of $67,000, BTC has gained around 63 percent.
Yesterday, the previous all-time high of $65.000 was broken clearly, further indicating strength for the momentum. Overnight a slight retracement back to the $65,000 mark was seen as bears looked to retest it as support, likely before further upside is seen today.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish as a slightly higher low has been set after a retest of $65,000 previous resistance as support. Therefore, we expect BTC/USD to continue higher over the next 24 hours.
While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.
PayPal co-founder suggests he’s underinvested in Bitcoin while it records new ATH
Bitcoin [BTC] did it once again. The asset broke its own record and caught the attention of the entire globe. Amidst this, PayPal’s co-founder, Peter Thiel expressed his angst over being “underinvested” in the world’s largest cryptocurrency.
The crypto industry as a whole garnered immense popularity over the last couple of years. From being closely regarded as an instrument that carries out illicit activities, to being adopted by governments across the globe, Bitcoin has certainly come a long way. Now, with a market cap of $1.2 trillion, Bitcoin stands as one of the most prominent currencies in the world.
Earlier today, BTC pushed past its previous all-time high of $64,899 and managed to hit a new high of $66,930.39. While BTC HODLers rejoiced this surge, an array of people were rather disappointed that they hadn’t poured in their money into the king coin. One of them was PayPal’s co-founder Peter Thiel.
PayPal’s co-founder talks crypto
During a recent interview, PayPal’s Thiel revealed why he felt underinvested in the asset. He added,
“You’re supposed to just buy Bitcoin. I feel like I’ve been underinvested in it.”
The latest move of Bitcoin was lauded by the entire market. Speaking about the effects of BTC’s ongoing rally, the PayPal co-founder suggested that “we are at a complete bankruptcy moment for the central banks.”
An array of people took to Twitter and made their own predictions about Bitcoin. While some suggested that BTC was slated to endure a major fall, a few others noted that the coin could be aiming for $70K. Tesla’s Elon Musk had a rather bizarre prediction for the coin.
The Tesla CEO’s latest tweet read,
Bitcoin’s rally certainly paved the way for several altcoins hitting new highs. Ethereum PETH], the second-largest cryptocurrency followed the footsteps of BTC and managed to hit an all-time high of $4,366.
PayPal has played a major role in the crypto-verse in the last year. From opening doors to crypto and constantly remaining bullish about it, has pushed several assets to a new level.
This Catalyst Could Trigger Long-Term Bitcoin Rally
Bitcoin is surrounded by all kinds of optimistic predictions these days especially since the king coin managed to smash through all-time highs the other day.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $65,933.90.
This trigger could boost Bitcoin
Popular analyst Benjamin Cowen just said that one overlooked catalyst could ignite a big long-term rally for Bitcoin (BTC).
During a new strategy session, the analyst analyzes the dollar index (DXY), which compares the US dollar against a basket of other major fiat currencies.
As the online publication the Daily Hodl highlighted, a weaker dollar can often imply higher prices in many assets.
He also said that one thing that could put extra bullish energy behind Bitcoin is the DXY beginning a macro trend downward.
Cowen explained that the DXY is potentially on the edge of a bearish trend as it gets rejected from its 100-week simple moving average (SMA).
“Ideally speaking, in order to really be the best conditions for Bitcoin, we’d like to see this keep coming on down. This would be the best condition for Bitcoin and here’s the crazy thing when you talk about the US dollar currency index… Look at the actual macro range.”
He said that despite a rising DXY during the majority of Bitcoin’s lifetime, the king has still managed to maintain a long-term bullish structure.
The analyst is also analyzing what could happen if the DXY eventually entered a more considerable downtrend.
“The dollar has more or less moved up during that time. It’s moved up, but there were a couple of key times when the dollar was moving down and that corresponded to Bitcoin bull markets.”
He continued and said the following:
“Imagine what Bitcoin could do if the dollar ended up coming back down… I think that would be incredibly bullish for Bitcoin.”