Ripple price prediction: XRP can hit $0.16 again, analyst

TL;DR Breakdown

• Ripple price prediction expects a decline to $0.16.
• Strong support lies at the $0.225 mark.
• Strong resistance lies at the $0.025 mark.

Ripple (XRP) has averaged near the $0.2 level for the most part of the previous year, but it picked up the pace during the last month and peaked at around $0.7.

Like all other major cryptocurrencies, Ripple was expected to rise and even cross the $1 mark. Unfortunately, Ripple had a sharp decline and is now back to the $0.2 level. The foundation behind XRP, Ripple Labs, is being sued by the SEC for not registering XRP tokens. This has made investors quite uneasy, and the coin is being oversold.

Ripple’s 24-hour high was $0.25026 while the low was $0.22329. At the time of writing, Ripple stands at $0.2319. Of the total twenty-eight technical indicators, ten are neutral, 16 are sell and only 2 are buy. Most of the oscillators are neutral with just two sells and zero buy. Fourteen of the moving averages are sell with one neutral and two buys. The market sentiment continues to be bearish. 

Ripple price prediction: What to expect?

Vince Prince has warned of strong volatile bearish movements in the upcoming price action in his Ripple price prediction. The analyst has identified Ethereum to be in an ascending channel formation, and as per the formation Ethereum is expected to continue moving upwards, but strong resistance ahead will most likely result in Ethereum breaking out of the ascending channel towards the downside.

Ethereum was also in the process of completing the formation of a wave count, but due to strong bearish pressures, the coin could not complete the wave count’s final wave E, at $0.2487. Ripple is likely to face even stronger bearish pressure as the descending resistance line lies ahead of it. Ethereum had tried to test the descending resistance line, but it has not been successful.

Per the analyst, the only way Ripple can move out of the bear market is by continuing in the ascending channel formation. However, the scenario appears to be highly unlikely as Ripple is touching the lower boundary of the channel and can break out of it. 

In their Ripple price prediction, analyst OptimoomFX has identified a new leg towards the downside. After strong support at the $0.16 level, Ripple started seeing correction upward, but the correction impeded after the $0.25 level, and the level started to act as strong resistance for the coin. The analyst has set the $0.22 and $0.15 levels as potential targets but in case of Ripple successfully breaks the resistance level of $0.25 then a potential rise to $0.30 can be expected 

However, not all hope is lost for Ripple. Analyst Trading Guru states in his Ripple price prediction that the coin has already seen the worst and can be considered relatively safe, albeit very volatile. As per the analyst, Ripple can be regarded as a good investment opportunity as the onset of upward correction can be seen. If the upward correction holds a straight forward, the upward trajectory can be established to lead Ripple back to the $0.5 level.