- Ripple price prediction expects rise to $0.3.
- Support found at the $0.25.
- Resistance found at the $0.26.
The Ripple price prediction by Trading Guru suggests that the cryptocurrency will soon break above $0.26 and run for the $0.3 mark. The cryptocurrency observed a downtrend on the 7th of November.
1-Day Ripple price analysis
The altcoin was priced at $0.251 US Dollars at the time of writing. The cryptocurrency observed a downtrend in the afternoon of the 7th of November. The lowest price of the day for XRP was at $0.244.
What to expect from Ripple?
The altcoin has fallen to an up-channel after traveling towards the downside in a big falling triangle on Vince Prince’s chart. This triangle was broken on the 25th of September, after which the price entered another falling channel, which was broken on the 19th of October.
The price trades above the midline of the current up-channel that it is in, and the price is expected to bounce towards the upside from this midline. If the bounce off occurs, the price will move to $0.26, which will be followed by a pull-back towards the midline, and then another bounce off towards the upper boundary of the channel.
Currently, the price is supported by a back-up cluster which features two Exponential Moving Averages and the midline of the up-channel. These are the 60-Day Exponential Moving Average and the 150-Day Exponential Moving Average. This cluster will allow the cryptocurrency to gain enough momentum from its second bounce that the price will break the channel towards the upside. Following the upward break, the price is expected to rest above the upper boundary of the channel, and then a bullish run towards the $0.3068 mark is expected.
Ripple falls to $0.247 support
Per YM Group’s analysis of the XRPUSD pair, the cryptocurrency was expected to fall towards the $0.247 support level. The price had previously turned bullish and it rose past the $0.265 level.
On the 7th of November, the crypto market observed a bearish momentum and fell towards the $0.247 support mark. The trade became active in the evening of the 24-hour trade. The price has bounced above the $0.25 mark, the cryptocurrency may see another pullback towards the support any further price movements. This was a short opportunity for the XRPUSD pair.
Ripple price prediction: Ascension towards $0.3 next?
XRP is supported by a horizontal support zone short of the $0.23 level that can be seen in the chart below. Trading Guru believes that the price will break the horizontal resistance zone towards the upside. The cryptocurrency had recently been testing the zone.
The price tested the horizontal resistance zone above the $0.3 mark on the 2nd of September, after which it fell bearishly towards the downside. This idea suggests that the cryptocurrency will soon break above the horizontal resistance zone above $0.26 and then trend towards the $0.3 level. This is also an entry for a long position, and it will be necessary for the cryptocurrency to hold the newly formed support at $0.26 so that this idea may come into play.