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Ripple price prediction: XRP to $0.23, analyst

Cryptopolitan


TL;DR Breakdown

  • Ripple price prediction expects a fall to $0.23.
  • Strong resistance lies at the $0.30 mark.
  • Strong support currently lies at the $0.28 mark.

As the king of the cryptocurrency fell, so did most of the other cryptocurrencies. Ripple followed suit, reversing some of its progress after its fall from grace in December 2020. However, it has stayed somewhat stable. Ripple topped the day at $0.3082, while the 24-hour low for the cryptocurrency was $0.2772. At the time of writing, Ripple stands at $0.2915.

The overall market sentiment appears to be bearish as the technical indicators are blaring a red indication of “sell.” Thirteen of the twenty-seven technical indicators are sell with 9 neutral and 6 buys. 8 of the oscillators are neutral with 2 buy and 1 sell indication. Twelve of the seventeen moving averages are giving out an indication of sell with 4 buy indications and 1 neutral indication. 

Ripple price prediction: What to expect?

Analyst Vince Prince has identified a massive descending wedge formation in his Ripple price prediction. The analyst is predicting a possible reversal in the formation even though Ethereum has been showing bearish momentum ever since its fall from $0.36. Ripple appears to be near breaking out of the formation, but nothing has been confirmed yet.

Per the analyst, Ripple has completed waves A to D of a coherent wave count inside the wedge formation and will validate the wave count by completing the final wave E. The wave E also lies in a major support cluster where good supports of $0.2360 and $0.2260 also converge. Ripple is expected to break out towards the upside if it dives to this zone. For the time being, the EMA 200 – in red – is acting as a major resistance. Ripple needs to close above the EMA 200 to indicate bullish momentum.  However, Ripple will be facing major resistances ahead, which can hinder its upward trajectory.  

Analyst FX Professor has identified the cryptocurrency’s price action to have formed an ascending channel formation in their Ripple price prediction. Ripple had broken out of the earlier bull run formation and had also formed a triangle formation. The ascending channel sports some key support and resistance levels. Breaking out of this formation will prove to be detrimental to the future price action of the cryptocurrency.

On the upper side, the $0.30291 level is acting as major resistance, while on the lower side, various support levels can be found. The nearest strong support is at $0.26427. The analyst predicts that breaking out in either of these directions will suggest the onset of a strong trend in that direction. However, for the time being, the analyst is expecting Ripple to continue in the ascending channel. 

Analyst Coin Gape has identified a falling wedge formation in their Ripple price prediction. If Ripple completes the formation, it can be expected to go as low as $0.20 before breaking out to the formation’s upside. The analyst predicts a possible break out to $0.40 in this case. The MA 100 – in blue – is acting as strong support for the cryptocurrency, whereas the MA 200 – in purple – will be acting as resistance if Ripple breaks out of the formation. 

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.



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