- Ripple price prediction expects a rise to $0.57 next.
- Strong support is found at the $0.47 mark.
- Strong resistance is found at the $0.48 mark.
- Ripple hires new MD Asia amidst SEC lawsuit.
Ripple (XRP) started off the day with its 24-hour low at $0.4593, after which the cryptocurrency stayed relatively stable before jumping upwards towards its 24-hour high at $0.4784. At the time of writing, Ripple was trading hands $0.4760 apiece.
In the daily timeframe, the technical indicators are giving out a signal of buy. The weekly and monthly indicators are also bullish for cryptocurrency. Out of the total 26 technical indicators, ten stand at neutral, with 14 giving out a buy signal and only two standing at a sell position. The oscillators are neutral, while the Moving Averages are majorly bullish.
Ripple price prediction: What to expect?
Analyst MMBT Trader had earlier identified a downward trend in the cryptocurrency price action in his Ripple price prediction. However, Ripple broke out of the descending trend line towards the upside, indicating strong bullish momentum. The analyst has been able to contain Ripple’s price movements into a rectangular formation, which indicates the relatively stable moves of the cryptocurrency.
Per the analyst, Ripple is facing a strong resistance level at $0.50, and the price action at this price level will be consequential for cryptocurrency. To validate the remaining analysis, Ripple needs to cross the resistance at $0.50. The analyst is hopeful for the cryptocurrency and expects it to test the major resistance level successfully. After which, the analyst has identified an upward trajectory for Ripple. Minor corrections are to be expected as Ripple retests the resistance turned support level, but with the optimistic outlook, Ripple will be aiming towards a price level of $0.5783. Breaking the resistance level will also serve as an ideal entry point for buyers.
Analyst Ripplayer had formed a cup and handle formation in his Ripple price prediction. The bullish formation is suggestive of a price surge for the cryptocurrency. The analyst has set a price target of $0.78 for Ripple, and Ripple can move towards the set target. The Fibonacci pivot point lies at $0.50, which is a crucial price level for Ripple at the moment. Ripple’s price will soon be entering the decisive zone, and the upcoming days will make clear whether Ripple is going to continue its upward trajectory or market corrections are to be expected.
Ripple hires MD Asia amidst SEC lawsuit
Ripple Labs is not letting the Securities and Exchange Commission lawsuit in the US deter its goals. If anything, the lawsuit has fueled the firm’s expansion plans into other parts of the world. Ripple Labs has expanded into 14 countries in South Asia. The regional office is headquartered in Singapore. The firm announced a managing director for its South Asia office recently, and the new appointment is, in turn, bringing in positive Ripple price predictions.
With an extensive background in Finance and Tech, Brooks Entwistle, the new Managing DIrection (MD) has worked at the tech giant Uber. Entwistle has also spent over 20 years working at Goldman Sachs. South Asia is an important market for the firm and good things are expected to be in store for Ripple Labs given the recent appointment.