- Ripple price prediction expects a rise to the $0.38 mark.
- Strong resistance currently lies at the $0.33 mark.
- Strong support currently lies at the $0.295 mark.
- SEC warn Ripple investments of losses in case of a negative verdict.
Ripple has not seen much growth and has been stable in the $0.26 to $0.29 range over the past few days. The 24-hour low for the cryptocurrency was $0.2719 while the 24-hour high was $0.3053. The cryptocurrency has an uptrend established in the 24-hour price actions. At the time of writing, Ripple is going up and the price is at $0.3061.
Out of the 26 technical indicators, ten stands at the neutral position, nine are at the buy position, and nine are at the sell position. Nine of the oscillators are neutral, with buy and sell at one indication each. The moving averages stand at eight buy positions and eight sell positions with one neutral indication.
Ripple price prediction: What to expect?
Analyst Vince prince identified a converging triangular formation in his Ripple price prediction. The analyst has also established Ripple to have developed a coherent wave count. The cryptocurrency has been bouncing up and down along various wave counts inside the triangular formation. Prince has further indicated the development of a reverse head and shoulder (H&S) formation; however, it has not been confirmed yet.
Ripple broke out of the wave count as it did not complete wave C at the lower boundary of the formation. This could be an indication of bullish pressures on cryptocurrency.
Prince has also identified the lower boundary of the formation as a dynamic support zone, which is crucial for Ripple to hold to dominate bullish pressures. The analyst has predicted a breakout towards the upside for Ripple from the formation. The bullish breakout from the triangle will land Ripple at a price level of $0.32. Prince expects a pullback to the downside at this price level. Still, if Ripple can find support at the resistance-turned-support upper boundary of the formation, the cryptocurrency can grow to attain a price as high as $0.38.
Analyst Joseph Yabwa is also hopeful for a rise in the long-term Ripple price action in his Ripple price prediction. Per the analyst, Ripple can be expected to reach $0.5 in the short run but will likely suffer from major corrections after that. However, in the long-run, Yabwa believes that Ripple will be on a straight upward trajectory to the price level of $5.
SEC issues warning for Ripple investors
The Security Exchange Commission (SEC) lawsuit that alleged XRP to be unregistered has, undoubtedly, caused Ripple a lot of harm. Questions have arisen about the SEC’s motives behind the lawsuit as Ripple had been allowed to trade for more than seven years and no new information has surfaced that could indicate foul play. John E. Deaton, an expert cryptocurrency and blockchain lawyer, has taken to Twitter to point out that the SEC was warned of the staggering losses the mere filing of the lawsuit would incur to investors. The Ripple price predictions continue to be optimistic despite the warnings.
Some major exchanges have halted the trading of XRP and a few firms have even liquidated their XRP holdings. Deaton believes that this is one of the most significant cases in the history of the SEC and without any strong backing or evidence. The news may already have taken effect as Ripple’s price is on an upward trajectory and has broken previous resistance levels.