TL;DR Breakdown
- Ripple price prediction expects a rise to $0.36.
- Strong resistance lies at the $0.31 mark.
- Strong support lies at the $0.29 mark.
Ripple has been facing some problems recently, to say the least. After strong corrections overtook the cryptocurrency market, all major cryptocurrencies appear to be picking up the pace now. However, Ripple is lagging far behind most cryptocurrencies as it is very bearish. The daily low for the cryptocurrency was $0.2835, while the 24-hour high $0.3096. At the time of writing, the Ripple price stands at $0.2978.
The market sentiment for Ripple is bearish as 12 out of the 28 technical indicators are giving out a signal of sell. Out of the rest, nine indicators are neutral whereas seven are of buy. Eight of the oscillators are neutral with two indications of buy and one of sell. 11 of the seventeen moving averages are at sell, five are buy and one is neutral.
Ripple price predictions: What to expect?
Analyst Hexa Byte X has identified various formations in their Ripple price prediction. Foremost, the analyst has identified Ripple’s price action to be operating in a descending channel formation since December of 2020. Although the cryptocurrency has broken out of the formation many times, it is currently operating in the structure with the upper boundary acting as strong resistance and the lower boundary as crucial support. The analyst has also identified a broader triangle formation.
The future price action of the cryptocurrency depends on which structure it continues to validate. If Ripple continues in the descending channel formation, the price can be expected to continue to fall with some positive corrections as the cryptocurrency tries to break out of the upper boundary. After reaching a price of $0.17, Ripple can break out of the formation upwards. If Ripple validates the triangle formation, then the price outlook is more optimistic. Operating inside the triangle, Ripple can reach as high as $0.46 before finally breaking out to an optimal level of $0.70.
Analyst Jaguarchaman is of the opinion that Ripple is one of the most valuable long-term cryptocurrencies as it can be adopted by banks as their currency and, hence, expects Ripple to rise to staggering highs in the upcoming days. Based on past price action trends, the analyst has identified an upward trajectory for the cryptocurrency in their Ripple price prediction. Before the 2018 highs were established, Ripple crashed. A similar trend can be seen currently, and if it is validated, then Ripple will cross the $1 mark and reach as high as $4.
Analyst Galice has identified a short-term bullish butterfly by the cryptocurrency’s price action in their Ripple price prediction. The previous bullish butterfly had supported the price action along the blue arrow line. The analyst suspects that the current butterfly will do the same with the new blue arrow line. If this happens, Ripple can go as high as $0.4 before it faces strong resistance, and if it breaks the resistance, it can go to $0.44. If this does not hold, then Ripple can be expected to fall to the orange support line with a price in the range of $0.23.
