- Ripple price rests above $0.254
- Ripple price suggested to fall towards $0.245
- Stabilization zone set at $0.239 per the analyst
The Ripple price prediction by YM Group suggests that the price will fall towards the $0.245 support level next. After this, the cryptocurrency is expected to move into a short position. The price of the altcoin rests above the $0.254 mark at the time of writing.
1-Day Ripple price analysis
The cryptocurrency observed an uptrend on the 8th of November. The price rose above the $0.256 mark, and the cryptocurrency traded at $0.254 at the time of writing.
What’s next for the XRP price?
There is an ascending resistance line on the 1h time frame for the trading pair, and the analyst believes that the altcoin has moved below this resistance line as it travels alongside it.
The cryptocurrency is expected to make a wave pattern in this broadening wedge pattern until the support turns weak and the price breaks below it. The stabilization zone lies at the $0.239 level per the analyst, and the price is approaching the upper Fibonacci resistance that lies between the $0.255 and $0.260 levels.
Per the analyst, the price will be rejected by this upper resistance and the bearish decline may indicate a continuation before it reaches the stabilization zone. The price can be seen supported by the Exponential Moving Average, and a dotted trendline. If the cryptocurrency breaks below this, the price will fall towards $0.239.
Ripple price prediction: Fall towards $0.245?
Per the chart below, the cryptocurrency is entering a short opportunity and it will soon hit the support level above the $0.245 mark. The price trajectory currently rides the resistance and the analyst believes that the altcoin will move in short from here.
The support was broken towards the upside on the 6th of November, and the price confirmed it again on the 7th of November when it turned bearish. The cryptocurrency has recovered some price as of the 8th of November, and now it is expected to move short again with the target price at this support structure. The entry-level will be the resistance at $0.255, and the stop-loss order will lie above the resistance line.
What to expect from Ripple?
We can see the XRP price inside a broadening wedge that is placed in a big down-channel. The cryptocurrency is moving in the upper half of both of the trade patterns.
An Elliot wave pattern was applied here for the price correction, and the analyst believes that the cryptocurrency is undergoing a price correction. The price is expected to hit a strong resistance level at the top of this setup, which is near the upper-shared-boundary of both the patterns. This cluster of resistances will cause the price to drop below the broadening wedge and the altcoin will move towards the lower boundary of the down-channel. Per the analyst, the price will eventually fall to the $0.185 to $0.20 range after the completion of this price correction. The analyst expects this to play by the first week of December.
Ripple to move in short ahead?
Solldy’s analysis also suggests a downtrend towards the $0.245 mark. The analyst believes that the price will enter a short-trade setup from here. Multiple supports lie between the $0.24 and $0.245 levels, and the price is expected to move towards this region.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.