- Ripple price is bullish, adds 10%
- Support at $0.25
- Resistance at October 2020 highs
- Ripple bought $46 million of XRP in Q3 2020
Ripple price prediction: Current overview
Ripple is starting November strongly.
After an uneventful—and bearish October, there are hints of strength judging from the XRP price chart. The coin is up 10% against the greenback in the last week of trading.
At the time of writing, the Ripple price is trading at $0.261, retracing from today’s highs of $0.267, but gaining from $0.258 open. Coincidentally, price action is relatively flat as the open and low flash. The results in the daily chart is an inverted hammer, reacting from around the main resistance level of $0.26.
From price action, there ought to be a strong push above the liquidation level towards $0.30 for bulls to shake off sellers of early September.
A conclusive close above Oct 2020 highs complete with high trading volumes could set the ball rolling for $0.30 or better by the end of the year if bulls follow through and confirm gains of Q3 2020.
In Q3 2020, Ripple bought $46 million worth of XRP from the market as trading volumes nearly doubled on the quarter. The purchase, Ripple explained, is to support the development of a healthy market.
In the medium term, this market operation forms part of their Line of Credit product solution. It is a new solution that’s part of the RippleNet suite enabling connected clients to borrow and source liquidity from Ripple and use XRP for remittance.
Ripple price movement in the last 24 hours
In the daily chart, the Ripple price is in range mode with caps at October 2020 highs. With a defined resistance at $0.26, market participants appear to be accumulating. Still, the trend is clear. As long as prices are trading below $0.26, every high is technically a liquidating opportunity.
Presently, as price action suggests, prices are stuck inside a bear flag with initial losses of September 2020 setting the phase. A break below the main support trend line will confirm sellers and trigger further liquidation towards $0.20.
On the flip side, an uptick of trading volumes, pumping prices above the ascending channel will be enough to trigger demand lifting prices to $0.30 as bulls of Q3 2020 flow back.
In the meantime, the current state suggests weakness in lower time frames. The long upper wick points to liquidation. Additionally, the lack of support (no lower wick) points to possible bull exhaustion. Bear confirmation over the weekend pours cold water on bulls’ attempts and maybe the base for further losses towards $0.20.
Ripple price movement in the last hour
The uptrend is solid in the 1-hour chart. Aforementioned, there are bearish attempts. However, a close above $0.267 will nullify bear attempts, spark demand as prices trend above October 2020 highs.
The 20-day moving average (middle BB) offers support for bulls. A break below the middle BB and the support trend line may see the Ripple price tumble back to $0.24 in a correction before a possible buy trend continuation.
Ripple price prediction: Conclusion
Buyers are in control. Despite this skew, a lot depends on the reaction at around October 2020 highs.
Bulls may be exhausted leading to the formation of today’s inverted hammer. If bulls push above $0.26, the Ripple price may soar to $0.30.
Conversely, a correction back to $0.25 or lower but above $0.20 is bullish for the XRP price.
