- XRP price expected to rise towards $0.5
- Price continues to rise above $0.30
- The altcoin moved over an ascending trend line
The Ripple price prediction by Orlin Myer suggests that the cryptocurrency will rise towards the $0.5 mark after a breakout. The cryptocurrency has formed an ascending slope over the second half of the day’s trade.
1-Day Ripple price analysis
The cryptocurrency has been bullish since the afternoon of the 19th of November. The price has been moving towards the $0.306 level, while in the evening the cryptocurrency’s price spiked and rose to a day’s high of $0.30692. At the time of writing, the cryptocurrency was priced at $0.30464 US Dollars on Bitstamp.
During the first half of the day, the cryptocurrency was bearish. Per the chart above, the price observed a descending slope and hit a day’s low of $0.28404.
What’s next for Ripple?
Looking at the chart below, we can see that the cryptocurrency has been trending in a long descending channel on the 1W time frame. The analyst believes that the cryptocurrency will observe a breakout from here.
From 2014 to 2017, the cryptocurrency traded in a similar descending channel and the cryptocurrency eventually broke towards the upside during the 2017-2018 ascension. Gradually, the price entered this second descending channel that the coin currently trades in.
The altcoin is testing the upper boundary of the descending channel, and the analyst believes that very similar price action is taking place as before. A break of the long descending channel could possibly cause the altcoin’s market to become very bullish and result in a long run towards the upside.
The Momentum Divergence technical indicator is also moving upwards on a descending trend line, while the Moving Average Convergence Divergence (MACD) line has moved above the signal line. The histogram size also appears to be increasing in the positive region. All of these indicate a bullish move ahead.
Ripple price prediction: Upward breakout ahead?
The cryptocurrency has entered a triangle pattern on the 1h time frame. The analyst believes that the cryptocurrency will break towards the upside and rise towards the upper boundary of this trade.
The analyst believes that the price will rise towards the $0.50 mark by the 27th of November, which is where the upper boundary of this trade setup is placed. The cryptocurrency has been supported by a long trend line that runs at the bottom of this setup. The chart suggests that the cryptocurrency should form a wave count inside the triangle pattern until the price volatility decreases and the triangle is concluded. After this, the price will look to test the upper boundary of the triangle pattern and break towards the upside.
What to expect from Ripple?
The cryptocurrency is descending in a long falling channel that goes through a big ascending channel. The price escaped a wedge pattern in July 2019, and it has now moved towards the bottom of the main channel.
The cryptocurrency is moving in a wave pattern and the analyst believes that the price will pump towards the upper boundary of the falling channel, which will then break towards the upside and rise towards the $1.5 mark, followed by a pullback and another rise to the $4.44 mark.