- Ripple price under pressure
- Resistance at $0.26
- Support at $0.20
- Ripple footprint in Japan means destination highly likely
Ripple price prediction: Current overview
The Ripple price continues to tread lower.
At the time of writing, the XRP price is down six percent against the USD, trading at $0.237, down from today’s open and highs of $0.242 and $0.244, respectively. However, it is a recovery, snapping back from lows of $0.23
Losses against the BTC is even stepper. The coin is down 10 percent against the world’s valuable crypto; a digital asset that continues to rip higher sustaining momentum above important psychological round numbers.
Unlike the BTC and ETH, two of the world’s certified utilities with an unparalleled level of liquidity in the crypto realm, the status of the XRP coin remains fuzzy. Ripple executives are adamant that the coin is a utility, just like Bitcoin and Ethereum.
On the other hand, the silence from the United States authorities and recent court cases where “investors” took Ripple and Brad Garlinghouse to court claiming the former was selling unregistered securities, weigh negatively on the coin’s quest for it to be classified as a utility.
For this, the team—pinning their dissatisfaction with the unclear blockchain and crypto regulations in the United States, is considering shifting bases to any of the five countries including Japan.
As Cryptopolitan reported, Ripple has strong ties with businesses in the area. Ripple Labs even re-invested in SBI Holdings’ MoneyTap, highlighting how keen they are to carve out market share and extend their dominance in the APAC.
Ripple price movement in the last 24 hours
At the time of writing, the Ripple price is down, losing six percent versus the USD.
From the daily chart, the path of least resistance is southwards.
Specifically, bears drove XRP prices below a key support trend line. The failure of bulls to break above $0.26 and the rebound from the sell wall the trend line confirms recent gains were part of the bear flag, a trend resumption of early Sep 2020.
Although trading volumes are light, the steady decline of prices and divergence of the BB as bear bars form along the lower BB points to volatility. The odds of the XRP price slumping back to $0.20 in the medium term remains elevated.
As long as the XRP prices trend below $0.26, sellers are in charge.
A sharp reversal, pushing back prices above $0.26 towards $0.30 may be the anchors that will see buyers dominate, driving prices to–ideally–$0.45.
Ripple price movement in the last hour
There is a three-bar bullish reversal pattern in the 1-hour chart, suggesting a possible temporary pullback.
However, as long as prices are trending below the resistance trend line and below $0.26, bears have the upper hand.
Noticeably, the recent candlesticks have long lower wicks hinting of demand and rejection of lower prices.
A reprieve, there is a hint of a climactic sell-off that sparked a pullback that showed in the daily chart.
Ripple price prediction: Conclusion
Altcoins are under pressure and XRP is no exception.
Prices may recover over the weekend. For buyers to be in control, a high volume break above the resistance trend line and $0.26 in the 1-hour and the daily charts is required. If not, the Ripple price may fall to $0.20 in a retest.