Ripple Price Analysis: XRP retraces to $1.10, ready to reverse?

TL;DR Breakdown Ripple price analysis is bullish for today.XRP/USD retraced to the $1.10 mark yesterday.XRP prepares to reverse higher. Ripple price analysis is bullish today as the market retraced to the $1.10 support, where rejection for further downside was seen. Therefore, we expect XRP/USD to start trading higher later today and regain some of the loss. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, retraced by 0.72 percent, while Ethereum lost 2.14 percent. Solana (SOL) is among the worst performers, with a loss of 5.7 percent. Ripple price movement in the last 24 hours: Ripple retraced to $1.10 previous support XRP/USD traded in a range of $1.11 – $1.20, indicating mild volatility over the last 24 hours. Trading volume has decreased by 0.81 percent and totals $5.77 billion, while the total market cap trades around $54 billion, ranking the coin in 6th place overall. XRP/USD 4-hour chart: XRP rejects further downside On the 4-hour chart, we can see the Ripple price action starting to reverse after rejecting the $1.10 support. XRP/USD 4-hour chart. Source: TradingView Ripple price action has traded with a strong bullish momentum over the past month. From the $0.52 low, set on the 20th of July, XRP/USD rallied by more than 150 percent until resistance was found at the $1.35 mark. From there, XRP saw a strong retracement last...