TL;DR Breakdown
- XRP/USD price will test $0.65 and set a 2021 high during the week.
- Ripple’s Relative Strength Index is showing strong buying signals at 72%.
- The 200 SMA and selling pressure at $0.50 show the bears might still have the upper hand in the coin’s price direction.
XRP/USD Price Prediction: General price overview
Ripple is currently trading at $0.4846 against the US Dollar. The coin has been correcting upwards since Saturday after it created support near the $0.4500 price zone. Also, XRP/USD price has broken from a head and shoulder pattern with its neckline at $0.4500. As a result, the coin has formed an ascending triangle which signals a short bullish pattern that could have XRP break near or above $0.50. The main target of the bulls is to hit $0.635.
The past few days have seen the altcoin attempt to consolidate its price above a sharp yearly high of $0.70. Ripple’s Relative Strength Index shows strong buying signals at 72%; the indicator is also static to indicate a near uptrend and bullish pattern. Nonetheless, there seems to be great bearish resistance at $0.50 and $0.60 due to heightening seller pressure at those price zones. This is the reason why they have served as key resistance for the past three months. The 200 simple moving average is another price hurdle towards the upside. Which makes the bulls require support from the broader market to overcome.
Despite the bullish signals indicated by the MACD and the RSI, the 200 SMA and selling pressure at $0.50 show the bears might still have the upper hand in the coin’s price direction. The price must remain above or within the current trendline or else decline further below the ascending triangle. If it breaks below this triangle, XRP could trade below $0.359 against the US dollar. Failure to remain intact above $0.359 could pull the price towards a bearish head and shoulder pattern and cause the price to set new support below $0.173.
XRP/USD price movement in the past 24-hours
The XRP/USD trading pair hit an intraday high of $0.48804 during the early trading hours. However, the coin slumped into a sharp declining channel going all the way to $0.4728. Since then, the price of Ripple (XRP) has been struggling to consolidate above $0.4750. A price point where the coin is facing high resistance. The trendline is heading for a downswing with support at $0.4700. Besides, the 24-hour chart seems to be forming price support near the 50-day simple moving average at $0.4738. This support could jump-start the coin into an uptrend above $0.5 and have a bullish pattern shift its target from the $0.65 price level to $0.75. And therefore have XRP/USD attain an annual high by the end of the month.
XRP/USD 4-hour chart
The 4-hour chart has the 20-day Exponential Moving Average at $0.46 and 52% Relative Strength Index, both of which do not have a clear indication of whether XRP’s current pattern is bullish or bearish. The bulls are waiting for the coin to stage a decisive breakout before taking any positions; on the other hand, the bears are advocating for a descending channel below $0.48300. The 4-hour chart has already formed a head and shoulder pattern with a neckline at $0.48303. If the coin can break out of this pattern and above $0.48300, the bulls can hope to hit above $0.4900 by the end of the day.
XRP/USD Price Prediction
The price of the digital asset could undergo a short-term dip due to short selling by bulls. This is a typical situation across XRP’s market, which might end up destructing the uptrend and causing a slight downswing on the 2-day chart. However, the bulls might take control of the price and rebound XRP from the downtrend and above the ascending triangle. In case of a bullish pattern, XRP will test $0.65 and go on to set a 2021 high in the course of the week.
Conclusion
XRP/USD price has been trading within a consolidation channel for the better part of 2021. The coin has been attempting to challenge the $0.70 price zone but has met multiple resistance. If the bulls manage to challenge this price level, the digital asset will likely begin a bull run towards a new all-time high.
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