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Ripple Price Prediction: XRP drops by about 10%, reflecting Bitcoin’s ongoing bearish trend

Ripple Price Prediction

TL;DR Breakdown

  • Ripple price prediction shows how XRP and other popular virtual assets have depreciated in the last 24-hours.
  • In the last 48-hours, Ripple has depreciated by about 20 percent from a high of $1.5 to $1.3.
  • Currently, the number one cryptocurrency, Bitcoin, is experiencing a massive bearish leg that threatens to push it towards the $48,000 price region.

At the time of writing, most of the world’s most significant crypto assets are trading on the red after depreciating in the last 48-hours. For Ripple, this comes after weeks of favorable price actions on the back of optimistic developments in the US Securities and Exchange Commission lawsuit against Ripple.

Ripple price prediction: General price overview

The last 7 days or so have seen Ripple prices plunge on the charts due to several factors. As a matter of fact, Ripple’s 50-day price movement has seen the crypto asset depreciate by over 14 percent before recording some upward price movements. At present, Ripple is exchanging hands at a price region that was far behind its local top. Additionally, Ripple is currently trading 56 percent away from its recent all-time high.

When you look at Ripple’s daily charts over the past few weeks, you will notice the opening of the Bollinger Bands has closed due to the coin’s dwindling volatility. Additionally, the last few days have seen the blue Moving Average Convergence Divergence (MACD) line hovering below the Signal line. This is a key indicator that shows Ripple is currently in the middle of a bearish leg, as most crypto assets in the market.

As aforementioned, Ripple has enjoyed several positive developments that have assisted in pushing the coin’s price upwards. However, recent developments are hurting the coin, for instance. MoneyGram recently announced they would be ending their partnership with Ripple.

Ripple price movement in the past 24 hours

Ripple Price Prediction: XRP drops by about 10%, reflecting Bitcoin’s ongoing bearish trend 1
Source: TradingView

Over the past 24-hours, Ripple’s price has taken a 22 percent beating to hit a low of about $1.28. Despite this negative development, it appears there is a section of buyers and investors who are taking advantage of the ongoing bearish leg to accumulate more tokens at a reduced price. Thanks to the surge in buying orders, Ripple was able to keep its dwindling prices at bay, settling it around the lower supply zone’s boundary around $1.28 to $1.4.

The supply zone’s lower boundary appears to be emerging as a critical resistance barrier. Failure to bypass this region would trigger further downward price activity towards the succeeding demand barrier that ranges from $0.94 to $1.2. Even though Ripple price has been registering lower lows and highs since early this month, bulls have an opportunity to jump-start a bullish trend from the current price region. Investors should expect Ripple prices to surge towards $1.5, $1.6, and even around the $1.75 region in such an event.

Ripple 4-hour chart

Ripple Price Prediction: XRP drops by about 10%, reflecting Bitcoin’s ongoing bearish trend 2
Source: TradingView

According to Ripple’s 4-hour chart, if the crypto coin breaks down past the $0.95 region, it will likely trigger massive overhead and selling pressure. This is likely to open the door for further price plummeting that might see Ripple dip by about 6 percent to settle around the $0.89 region. This will be similar to Ripple’s swing low experienced during the April 22 market crash. On looking at Ripple’s MACD technical indicator, it is clear the crypto coin is in for a bearish leg as the blue line is facing downwards below the signal line.

Conclusion

Recently, Ripple CEO Brad Garlinghouse claimed that the crypto asset was 10,000 times more eco-friendly than Bitcoin. With notable companies such as Tesla opting for more energy-efficient cryptos, Ripple could take advantage of this fact to partner with such companies. This would immediately have a positive impact on its market stability, standing, and price.

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.

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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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