- Ripple price rises to $0.25
- Ripple price speculated to fall to $0.244 by analyst
- XRPUSD geared towards short-term trade at this time
1-Day Ripple price analysis
The altcoin turned bearish in the afternoon of the 9th of November, and the cryptocurrency fell below the $0.247 mark. The XRP price settled above the $0.25 level by the end of the 24-hour trade. The cryptocurrency had fallen to a day’s low of $0.245, and it traded at $0.250 US Dollars at the time of writing on Bitstamp. The day’s high for the cryptocurrency was marked at $0.256.
Ripple price prediction: Fall to $0.244 ahead?
Per Solldy’s chart, the cryptocurrency is going to move into a short-term selling trade. The price is to test the falling resistance marked in red on the chart below, and the analyst suggests traders sell at that point, after which the price will fall towards the take profit of $0.24445.
The take profit lies below the ascending trend line marked in green, and the bottom of the trade setup was placed at $0.231. The stop-loss was placed at $0.258, so if the price rises above the falling trendline and reaches this level, this sell signal will be invalidated and the price will not move downwards. The support trendline below happens to be a very strong support per the analyst and it originated in August 2020. It is unlikely that the price will crash below the support trendline.
What to expect from Ripple?
Looking at the chart below we can see that there are two scenarios that XRP could possibly take next. The Trading View analyst Crypto Maniac believes that the cryptocurrency’s price is currently inside a triangle pattern, and soon it will see a breakout.
The price is to break towards the upside or break towards the downside. The first scenario shows that the cryptocurrency will simply turn bullish after a few sideways movements, and then it will bounce off the lower boundary of the triangle to test the upper boundary and break past it to run for the $0.48 level.
The second scenario shows that the cryptocurrency will move towards the bottom of the triangle, and then test the support level and it will break. This will cause the cryptocurrency to fall towards the downside and move below $0.20. The stop-loss for the first scenario is marked at $0.2343, whereas the entry-level was placed at $0.2543.
What’s next for the XRP price?
Here we can see that the price was to fall towards the $0.244 mark in a short-term trade for the XRPUSD trading pair.
The cryptocurrency rose towards the resistance marked between $0.255 and $0.260 on the 9th of November, after which it moved towards the support level just short of the $0.245 level. The altcoin completed this sell signal and fell towards the $0.244 level per the analysis on the 1h time frame for the XRPUSD pair. This trade became active on the 9th of November.