- Ripple price retesting $0.255 repeatedly but unable to find support.
- A double bottom pattern is in sight.
- Analyst believes the Ripple XRP will see break through to $0.7 soon.
The Ripple price line is expected to complete a double bottom pattern in the near future. Crypto analyst on Trading View believe that the XRP price will soon rise towards the $0.7 mark, as the trading pair broke above an important descending trend line in July.
1-Day Ripple price analysis
XRP was priced at $0.25 at the time of writing on Bitstamp. The price line stooped to the day’s low of $0.246 near 18:00 GMT on the 18th of September. While the 24-hour high was observed at the $0.255 mark.
Will Ripple form a bear flag?
Trading View analyst Vince Prince is of the opinion that the XRPUSD trading pair will rise towards the $0.265 mark after completing an ABC wave pattern.
The analyst highlighted a big ascending parallel channel on the 1-hour chart. The crypto analyst believes that the XRP price will complete an ABC wave inside the trading channel which will cause the price line to fall towards the lower boundary of the channel. The completion of the ABC wave pattern will cause the cryptocurrency to fall to a back-up cluster.
The price is expected to bounce from this area towards the upside and move past the midpoint of the ascending channel. Once the cryptocurrency moves towards the short-entry zone marked in the chart above, the price line may form a bear flag. This may happen if the trading pair moves towards the lower boundary and breaks towards the downside.
What to expect from Ripple?
The Trading View analyst Trader OMS believes that the XRP price will rise towards the $0.7 level. Per the analyst, the cryptocurrency had been trading below a 2-year long descending trend line while it broke out during July 2020. An important resistance structure lies between the $0.30 and $0.35 levels, and the price has tested this resistance structure previously as well.
The analyst believes that the cryptocurrency will observe a pullback after moving towards the resistance structure. The pullback is expected to be followed by another uptrend which will cause the price trajectory to break above the resistance level and follow a bull run towards the $0.7 mark. The stop-loss order for this trade was marked at $0.22646, while the target price was at $0.70328.
What’s next for the XRP price?
The Trading View analyst Aanmustaan is of the opinion that the XRPUSD trading pair will complete a double bottom pattern, which will then follow an ascending move towards the $0.9 level.
The crypto analyst highlighted a long descending trendline that the cryptocurrency had been trading beneath for the past 2 years. Previously, price line tested the descending trendline at three instances. It finally broke above this descending resistance on the 30th of July. The XRPUSD trading pair met the bottom on the 16th of March, and now it is expected to hit the bottom again. After the cryptocurrency completes the double bottom pattern, the price line will rise towards the $0.9 mark. This will mark a 79% retracement after the double bottom pattern.
Disclaimer: The information provided is not a 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.