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Ripple Price Prediction: XRP plunges fast towards the $1 mark as the market turns red

Ripple Price Prediction

TL;DR Breakdown

  • Ripple price prediction highlights the past 48-hours, where Ripple has been consistent in recording price declines from April highs of $1.96 to around $1.2.
  • XRP risk activating a massive selling spree if it fails to settle above the middle boundary of the descending channel.
  • If overhead and selling pressure mature, Ripple might record further price declines towards the $0.8 region.

In the first days of April, XRP emerged as one of the best-performing crypto assets in the market. At the time, Ripple made huge steps not seen since December’s price surge triggered by the United States Securities and Exchange Commission (SEC) court case. The lawsuit was filed against Ripple’s top management and the entire network for participating in the trade of unregistered crypto assets for purposes of raising funds.

Ripple Price Prediction: General price overview

Ripple appears to be in the middle of a price correction after hitting a dead-end during its recent bull run that managed to record a new all-time high. Although Ripple is quickly depreciating, the creation of a descending pattern insinuates holders might be in for a price surge. However, it seems the $2 mark was a far-fetched price value for Ripple as it suffered a strong price rejection close to the anticipated mark.

At present, Ripple appears to be revisiting critical support areas such as the $1.6 and the $1.2. At the $1.6 mark, Ripple gained worthwhile support that made sure the price plummeting trend was slowed down. The brief break at the $1.6 support region ensured Ripple’s market stability was protected while giving holders a chance to regroup and command a bullish narrative. This was not to be as market flexibility swept across the crypto market, leaving a trail of price depreciation everywhere. For instance, Ethereum continued with its downward trend pushing the crypto asset towards the $2,000 price level while Bitcoin plunged close to the $50,000 mark from an impressive $60,000 high. Ripple was not left from the latest market price dip as it descended towards the $1.2 mark before encountering a brief price recovery that saw it rise slightly above the $1.4 mark. At the time of writing, Ripple is exchanging hands at $1.286.

Nevertheless, the entire crypto market appears to bleed from the ongoing bears’ onslaught. For Ripple, the crypto asset seems to hold firm the midline boundary support of the descending channel, a move that seems to position it for a surge towards the $1.3 mark. Additionally, Ripple’s 100 Simple Moving Average (SMA) appears ready to offer the crypto coin the much-needed support in averting further price declines below the $1 mark.

Ripple price movement in the past 24 hours

Ripple Price Prediction: XRP plunges fast towards the $1 mark as the market turns red 1
Source: TradingView

According to Ripple’s 24-hour price movement, it is clear the crypto asset has been experiencing a massive sell-off, sparking a continuous price slump. However, XRP has experienced a 3 percent price rebound from the $1.2 critical support level, showing signs of regaining its previous price uptick movement. However, the bears appear to be succeeding in pushing Ripple’s price towards the 100 4-hour Simple Moving Average region at $1.24, a move likely to further push the price downwards towards $1.15.

Ripple 4-hour chart

Ripple Price Prediction: XRP plunges fast towards the $1 mark as the market turns red 2
Source: TradingView

On looking at Ripple’s 4-hour chart, the Moving Average Convergence Divergence (MACD) technical indicator appears to be indicating Ripple is in for further price declines. At present, Ripples, MACD blue line seems to be hovering under the signal line, validating the ongoing bearish narrative.

Conclusion

Despite the ongoing price plunge, it appears whales are taking advantage of the situation to increase their holdings. The number of addresses with more than 100,000 XRP tokens to 1 million has increased by more than 100 this season.

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.

Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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