The Ripple price prediction by Solldy suggests another test of the resistance that lies near $0.27. The cryptocurrency has held support over the $0.254 mark on the 11th of November.
1-Day Ripple price analysis
The XRPUSD pair held at the $0.25548 mark at the time of writing. The cryptocurrency fell to a day’s low of $0.25361.
Ripple price prediction: Move towards resistance?
Looking at Solldy’s chart, we can see that the price is held over the falling trendline marked in green. The price was supposed to move into the short position according to the analysis from the previous day, but it seems as that the cryptocurrency invalidated that idea and is now expected to move into a long position instead.
The XRP price seems to have accumulated above this descending trendline, and now it will be moving towards the rising resistance marked in red on the top. This is where the target price lies for this trade, and this resistance is in the $0.265 to $0.275 range. The price has been holding above the support line since the 6th of November and this price originated back in August 2020.
The cryptocurrency was able to break through this support multiple times, but it was not able to gain enough bullish momentum to ascend substantially. The price bounce off the support on the 3rd of November and started to move upwards, and the price has also been able to break the green support line towards the upside. This support level had originated in February 2020.
What’s next for Ripple?
The Trading View analyst YM Group expects the price to move short towards the $0.2450 support level. The cryptocurrency is held by a support region that lies above the $0.2520 level.
The resistance level for this trade was marked at $0.2650 and the price range for the cryptocurrency in this setup was established between the $0.245 and $0.265 marks. The cryptocurrency has already tested the top of the trade twice, and now it is expected to move short towards the bottom of the range. However, it is also likely that the price tests the resistance again if the crypto market turns bullish.
What to expect from Ripple?
Vince Prince’s chart shows that the price will fall below an ascending channel and trade inside a bigger triangle pattern. The cryptocurrency is said to establish a wave count until it concludes the triangle and breaks towards the upside.
If the final bounce from the bottom of the triangle is strong enough, the cryptocurrency should be able to break past the triangle to move into a very bullish setup. The cryptocurrency will simply retest the broken trendline and continue to move upward. The price will eventually rise towards the $0.2662 level per the idea. The stop-loss for this trade was marked below the triangle, at $0.2454. The bottom of the triangle is also supported by a 400-Day Exponential Moving Average.