- XRP price rests over $0.257
- Ripple price suggested to fall to $0.245
- Stabilization zone set short of $0.255 per the analyst
The Ripple price prediction by YM Group has shown that the price will fall towards the $0.2450 level. The price observed a downtrend towards the $0.253 mark on the 12th of November.
1-Day Ripple price analysis
At the time of writing, Ripple was priced at $0.25657. Over the day’s trade, the cryptocurrency reached the highest price at $0.258.
What to expect from Ripple?
Looking at the chart below we can see that the price broke out of the first wedge formation in July, after which it turned bullish and rose into another wedge. The price has been varying inside t his big ascending channel from Q1 2020.
The upper boundary of the second wedge was a strong resistance that was recently broken by the descending resistance and the cryptocurrency’s price is now expected to move towards the bottom of the channel, from where it will bounce towards the upside. This bounce will cause the price to move across the Exponential Moving Average in green. Once this first breakout is confirmed, the price will head across the midline and test the upper boundary.
Vince Prince believes that the cryptocurrency will see resistance at the top of the channel, and it will be strong enough to cause the price to fall below the channel. The target price for this trade lies at $0.41186.
Ripple price prediction: Fall ahead?
On the 2h time frame, YM Group has sketched a possible short entry for the XRPUSD pair. The analyst is of the opinion that the price will drop to the $0.245 mark next.
The price is majorly supported near $0.2450. The price has been supported by another structure that you can see in purple, just short of the $0.255 mark.
Will Ripple see a breakout soon?
The price has been inside a triangle from August and it is now about to conclude this triangle pattern. The analyst believes that the cryptocurrency will enter a long position from here.
The long position should cause the price to break past the upper boundary of the triangle and move towards the $0.26185 mark. There is a buy signal at the bottom of this pattern, and traders are suggested to buy here. The price will move across the pattern once the price volatility is reduced enough, which is when the cryptocurrency will gain enough bullish momentum to break towards the upside. The stop-loss for this trade was placed at $0.23065.
What’s next for Ripple?
XRP has been trending over a long and strong trendline since June. The cryptocurrency entered an up-channel in September, and now it is expected to be led towards the $0.32 level after the occurrence of a possible breakout.
The cryptocurrency is expected to break towards the upside and test the higher resistances. A key resistance range lies between $0.27 to $0.296, and the analyst believes that the cryptocurrency will move past this resistance zone after a breakout above the channel.