- Ripple price prediction expects a drop to $0.25.
- Strong resistance lies at the $0.325 mark.
- Strong support currently lies at the $0.310 mark.
The Ripple price prediction by Nagiha Toum suggests a short positioning for the XRPUSD pair. The analyst believes that the crypto asset suffered from price rejection near the $0.36 level, and now the cryptocurrency is headed towards the $0.25 support next. On the 10th of January, the XRP price dropped towards the $0.31 mark.
1-Day Ripple price analysis
Ripple price has been descending on the charts since noon on the 10th of January. The altcoin‘s price spiked earlier during the day, crossed the $0.365 mark, and met a day’s high of $0.369. The lowest price that the cryptocurrency met was $0.308. At the time of writing, Ripple was priced at $0.316. While Bitcoin BTC observed some price correction towards the $36000 mark and continues to drop on the charts, some of the major altcoins have started to follow the king in its descent. Ripple is one of such coins, and it has dropped towards the $0.31 level.
The technicals indicate a sell position for the XRPUSD pair, as 10 out of twenty-eight of them suggest a sell signal, 10 stand neutral, and 8 depict a buy signal. The oscillators favor a buy signal, whereas the moving averages are at a selling position for the trading pair.
On the 4h time frame, the cryptocurrency has dropped to the lower Bollinger band after it crossed below the midline. If the price continues to ride the lower band, the bearishness should continue over the next 4 hours for the trading pair. The price volatility has decreased lately as the bands show a contraction.
Ripple price prediction: What’s next for the XRPUSD pair?
The Trading View analyst Nagiha Toum believes that the cryptocurrency is traveling in a descending channel, and the price is riding the upper broken trend line of a wedge pattern. The Ripple price prediction suggests a short-entry near its current standing, and the target for this setup lies at the $0.25 mark.
The price suffered heavy resistance near the $0.36 level before the BTC price observed correction on the 10th of January. The rejection, paired with the crypto king’s price correction, caused the XRP price to see price descent during the day. If this short-term trade comes into play, the price should fall to the $0.25 support next. The crypto is traveling inside a rising triangle as of now, while its next move will take the trajectory towards the bottom of the triangle.
Previously, Ripple was expected to go high on the charts with targets near the $0.5 level. The price rejection on the 10th of January turned the tables for the altcoin. Analyst Magic Poop Cannon’s Ripple price prediction observes the formation of the Adam & Eve pattern, which is a bullish indicator. However, the cryptocurrency turned bearish and broke below the $0.34 support, moving towards the $0.31 mark.
This bearishness for the altcoin market is expected to continue until Bitcoin finds heavy support above the $30000 range and stops suffering from the ongoing price fluctuations and correction.