TL;DR Breakdown
- Ripple price prediction expects a rise to at least $0.32 level.
- Strong resistance currently lies at the $0.30 mark.
- Strong support currently lies at the $0.0.295 mark.
The cryptocurrency market has gained back its bullish momentum; however, Ripple still appears to be lagging. Ripple had been moving in the $0.28 to $0.30 zone after it picked up the pace, but no further progress has been made as of yet. Ripple started the day on a good high note going as high as $0.3090, but it quickly went downhill, establishing the 24-hour low at $0.2834. At the time of writing, Ripple is trading hands at $0.2933 while hovering near this zone since the drop.
The Ripple market is still majorly bearish. Out of the 28 technical indicators, 15 are giving out a buy signal with nine neutral indications and just four buy indications. Eight of the oscillators are neutral, with two at sell and only one at a buy position. Out of the 17 moving averages, 13 are standing at sell, with one neutral and three buy indications.
Ripple Price Prediction: What to expect?
In his Ripple price prediction, Analyst Vince Prince identified the cryptocurrency price action moving inside a descending channel formation. Ripple had been facing strong bearish volatility and it keeps on testing support levels. The analyst believes that the formation of an inverse head and shoulder (H&S) can reverse the current position in favor of bulls. However, the upper boundary of the formation along with exponential moving average (EMA) levels is acting as strong resistance for the cryptocurrency.
Ripple has also formed a coherent wave count inside the descending channel. The cryptocurrency has completed waves A to D and is now developing the final wave. Wave E lies at the lower boundary of the channel formation. Wave E also marks the right shoulder of the formation. Prince believes that to validate the head and shoulder formation, Ripple has to break out of the channel and the EMA resistance levels, which will confirm the H&S formation. The neckline of the formation lies at $0.33. Surpassing this level will mark the completion of the formation.
Analyst FX Professor is bearish on the cryptocurrency in their Ripple price prediction. Per the analyst, Ripple is operating inside a channel currently, and a break-out to either side is equally likely. But since the bearish pressures appear to be dominant on the cryptocurrency, the analyst is leaning more towards Ripple’s bearish outlook. In the case that Ripple breaks out to the upside, it can be expected to go up to the $0.43 price level, where it will face strong resistance and can be rejected if bullish pressures lag. On the other hand, if Ripple breaks out to the downside, it can be expected to go as low as $0.14. at this level, it will find stable support, the analyst believes.
Analyst Hardstylz has identified an ascending triangle formed by the cryptocurrency price action in their Ripple price prediction. The bullish formation suggests a break-out to the upside. The analyst believes if the formation is validated, Ripple can attain a price level of $0.3449. However, there is an uncertainty given the bearish market sentiment of the cryptocurrency.
