- The Ripple price remains choppy
- Immediate support is at the $0.20 and $0.23 zone
- Immediate resistance lies at the $0.25 level
- The breakout above September consolidation was with high trading volumes
Ripple price prediction: current overview
The Ripple price remains choppy, swinging bearish after yesterday’s dip and reversal of weekend’s gains. At the time of writing, the XRP price was trading at $0.245, down five percent in the last 24 hours.
The coin is noticeably trading within a tight range with highs at $0.246, open at $0.245, and lows of $0.241.
Although there are hints of bulls, the general trend is neutral to bearish.
Notably, the coin is stable against both the USD and BTC in the last trading week, adding roughly two percent. However, it is outperforming against ETH, adding an impressive six percent within the same period.
Ripple price movement in the last 24 hours
From the daily chart, the Ripple price—as aforementioned, is choppy and technically week.
As bears flow, reversing gains of last weekend, the path of least resistance could be southwards in the immediate term. Visibly, the immediate support level is the middle BB—the 20-day moving average.
However, support could lie at $0.23, the lows of the double bar bullish reversal pattern of Oct 3 and 4. But this is dependent on whether bulls hold above the 20-day moving average considering the sharp uptick in trading volumes over the last three days.
Losers below $0.23 could trigger further downside below the double-bar bullish reversal pattern of Sep 23 and 24 towards $0.20—a primary psychological support level.
Conversely, trend continuation and higher highs above $0.25 with high trading volumes will confirm the bullish breakout above the September consolidation.
Should this happen, the XRP price might rally to $0.30 and even to Aug 2020 highs of $0.32 as bulls bounce off from around the 50 and 61.8 percent Fibonacci retracement level of the July to August trade range.
Projections from the Fibonacci extension level on the July to Aug range place the first bull target at $0.42—the 161.8 percent Fibonacci extension level. However, it is unlikely that this will be one-way traffic unless there are strong fundamentals to support the surge.
Ripple price movement in the last hour
In the hourly chart, sellers are firmly in control. Nonetheless, bulls appear dominant because of the sharp gains of Oct 5.
Pasting the Fibonacci retracement tool on Oct 4 and 5 trade range, support may be found between the 61.8 and78.6 percent retracement levels between $0.238 and $0.242.
Still, for a strong snap back to trend, there ought to be some level of under-valuation and a strong bull bar preferably with open below the lower BB complete with above-average trade volumes.
If not, further losses reversing gains of Oct 4 and 5 below $0.231 invalidates this projection.
Ripple price prediction: conclusion
From a top-down approach, sellers are in control even with sharp gains of Oct 4 and 5.
In the immediate term, the short-term trajectory of the XRP/USD pair depends on how prices react at $0.23 and $0.20 or $0.25. Losses below $0.20 wipe-out bulls of last weekend while gains above $0.25 could spark demand pushing the XRP price to $0.30.