- XRP/USD trading in sideway market.
- Bulls struggling to reach $0.30 price level.
- XRP price holding on above $0.2768.
Ripple Price Prediction: current price overview
The Ripple price action appears weak compared to other altcoins in the market with its value appreciating by just 1.36 percent over the last 24 hours. However, the altcoin is still holding firm around the latest intraday high of $0.28126. The XRP/USD pair opened the day trading near $0.27371, which is also its lowest price level so far in the day. At the time of writing, Ripple XRP is trading at a market price of $0.27823.
Ripple Price Prediction: XRP/USD pair 1H chart
On the XRP/USD hourly chart, the trading pair is trading within a sideways channel. XRP price is soaring towards a short-term case. As a result, the selling trading volume has dropped, meaning there is a possibility for a rise towards the nearest resistance point near $0.27955.
Moreover, if you zoom out on a much larger time-frame, a bullish case also exists in place of a drop-off. The MACD indicator supports the bullish case; hence the XRP/USD pair has maintained its price within an ascending channel. In such an instance, the Ripple XRP price can reach $0.29 in the near term.
Ripple Price Prediction: XRP/USD 4 hour chart
In the 4 hour chart, the XRP/USD pair has been trading within a falling wedge pattern over the last two weeks. Bulls now appear prepared and set to attack the 200-bar SMA plot, which would flash a buy signal upon breaching or spark a bullish break. Breaching the 200 SMA would also mean that the bulls have broken out of the falling wedge pattern above the $0.2850, primarily a bullish sign.
If this happens, the XRP/USD pair might rally towards $0.33 or a new monthly high of $0.368. This would motivate buyers to keep the momentum and might target Christmas day peak price near $0.386.
On the flip side, Ripple (XRP) price has recorded several lows over the period it has traded within a descending wedge pattern on January 11 between $0.26 and $0.2595. These laws restrict the pairs short-term drop to the crucial support zone near $0.236. If XRP bears manage to break from the $0.236 critical support, a decline towards $0.210 and the $0.20 could happen. Ripple price could drop even further than $0.20, given its latest legal turmoil with the Securities and Exchanges Commission (SEC).
Late last year, the SEC filed a lawsuit against Ripple, the blockchain company behind the XRP cryptocurrency. According to the commission, two senior executives illegally secured approximately $600 million by selling unregistered security tokens. Since the filing, many exchange firms have delisted XRP, which has negatively impacted its performance in the market. Notably, all exchange firms located in the United States have entirely, including Coinbase, Crypto.com, Binance, Bittrex etc.
As per the court filing in the US District Court in the southern region of New York, the first hearing in the landmark lawsuit would hold on the 22nd of February, 2021.