Ripple price prediction: XRP heads to $1.5 as bears run for cover

Ripple price prediction XRP heads to as bears run for cover

TL;DR Breakdown

  • Ripple price prediction remains highly bullish, with XRP closing above $1.
  • Bulls push the prices higher than the psychologically crucial $1 level.
  • The overextended bull rally needs to cool down to maintain the last two day’s gains.
Ripple price prediction: XRP heads to $1.5 as bears run for cover 1
Cryptocurrency heat map by Coin360

The XRP/USD pair is on a roll courtesy of an over-extended bull rally that saw the prices jump to $1.1177 highs. In the past 24 hours, the prices have consolidated above the critical $1 level. The massive bull rally featured a colossal breakout from the sideways price channel. The rising price channel now trades within the Bollinger Bands and faces the $1.093 resistance.

The trendline from the current bull rally is forming a symmetrical triangle. It indicates that a retest of the latest highs is on the cards. The overbought technical indicators may be ignored in case the bulls muster up more volumes over the weekend. The bullish Ripple price prediction studies suggest that $1.30 is on the cards if the upward sloping price channel remains intact on the daily timeframe.

There is massive support underneath the current rally according to Ripple price prediction. The first line of defence stands at $0.91, where large investors are ready with substantial buy orders. In case the selling pressure increases, the bears can take the XRP price towards $0.85 lows, where the 100-day simple moving average awaits the pair.

Ripple price movement in the last 24 hours: Massive bull run remains intact

The technical indicators are highly overbought, but there’s no stopping the current buying spree. The present price movement is something XRP bulls have waited for far too long, and they aren’t letting go anytime soon. The $1 price comes despite Ripple facing a lawsuit filed by the SEC and sceptics questioning Ripple’s existence in the past few months.

The journey to $1 has been lined with potholes and numerous crashes on the price charts. Ripple’s recovery has been swift and based on solid fundamentals. As per Ripple price prediction, the bull rally that began in late March saw the price broke past several vital resistances. In contrast, the current consolidation on the hourly charts helps the pair maintain an upward bias whilst protecting the recent gains.

There’s more uptick soon with XRP getting support from XRP whales and large investors. At the time of writing, the pair faces bearish pressure before the weekend, which is creating a minor pullback. Technical indicators on the hourly charts also support the correction according to Ripple price prediction. The parabolic SAR dots remain below the candles, which underline the bullish wave underneath the price action.

XRP/USD 4-hour chart: Bullish crossover marks an overextended rally

Ripple price prediction: XRP heads to $1.5 as bears run for cover 2
Ripple price chart by TradingView

As per Ripple price prediction, there’s a bullish crossover on the MACD despite being overbought. The minor correction has not dented the prospect of an overextended bull rally reflected on the charts. Thus, the buyers can see even higher levels crossing the upper Bollinger Bands at $1.30 level.

A mixed start to the day saw Ripple consolidate the previous day’s gains. The contracting Bollinger Bands is normalising the massive uptrend of the last two days. Also, the shrinking Bollinger Band’s range shows that the price is poised for another breakout. The minor correction saw the price plummet to $0.8657, but the bulls quickly rescued it. The fall was then transformed into another buying opportunity which took the price back towards $1.0716 highs.

The bulls have well preserved the first significant support at $0.8092. The pivot point has been crucial for the move towards $1.07202 later in the day. At the time of writing, the pair is trading sideways near the $1.0242 range.

Ripple price prediction conclusion: All eyes on $1.5 resistance up ahead

Ripple has left some vital support and resistance levels untested in its journey towards $1.1 highs. Therefore, the first significant resistance that XRP/USD faces in Ripple price prediction studies is $1.035. The current consolidation near the $1.0243 price shows the bulls are readying up to reach the $1.0350 to $1.03977 range.

Ripple would require support from the broader market to touch fresh new highs. The overbought technical indicators are already looking for signs to correct lower. Any pessimistic development in crypto can vaporise the current gains.

Disclaimer. The information provided is not 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.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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