TL;DR Breakdown
- Ripple price prediction expects a rise to the $0.60 mark.
- Strong resistance is found at the $0.495 mark.
- Strong support is found at the $0.455 mark.
- SEC lawsuit being likely to be dismissed propelling XRP price.
After spending most of the bull run being bearish and stagnant at $0.28 price level, Ripple has finally picked up the pace. The cryptocurrency appears to be reversing the losses incurred during the bear period. The 24-hour high for Ripple was at $0.4982 while the 24-hour low was at $0.45. At the time of writing, Ripple stands at $0.4842.
Ripple’s market sentiment has turned bullish and is an indication of the possible continuation of Ripple’s upward trend. Out of the 26 technical indications, 16 are giving out a buy signal while nine indicators stand at neutral with only one indication of sell. Eight of the oscillators are neutral with two signals at buy position and one signal at sell position. Of the moving averages, 14 stand at buy with one indication of neutral and zero sell indications.
Ripple price prediction: What to expect?
Analyst Vince Prince has spotted the cryptocurrency in an ascending channel formation. The analyst has also picked out a wave count within the channel. Ripple is currently at the development of the final wave, C, of the wave count and a break out is expected to complete the pattern. The wave C lies at a descending resistance line, where the analyst expects Ripple will face rejection at a price level of $0.60.
The upper boundary, together with the descending resistance line, will form a triangular formation, within which a new wave count, will be started by the cryptocurrency. Per the analyst, Ripple is likely to break out of the triangle after completing the wave count at a price level of $0.5901. An upside breaks out from the figure will confirm the bullish trend of the cryptocurrency and Ripple will enter the bullish growth zone, as identified by the analyst.
Analyst Project Syndicate has pointed out the formation of a bat formation in their Ripple price prediction. Per the Ripple price prediction, the formation is a bullish bat and is likely to be completed by the end of the month. Ripple is at the high point of the formation and will experience a sharp crash to $0.35 to complete the formation. Possible gains of 25 percent – at a price level of $0.44 – and 35 percent – at price level of $0.48 – can occur as Ripple climb upwards.
SEC lawsuit likely to go away
The SEC’s lawsuit has done major damage to the cryptocurrency. Ripple saw growth after a whole month of staying stagnant and incurring heavy losses to traders. In their quarterly report, Ripple Labs has identified the SEC’s lawsuit as the reason behind the fall of the cryptocurrency. Reacting to the lawsuit, many major exchanges halted the trading of the cryptocurrency and traders grew wary of Ripple.
The report furthered that the cryptocurrency’s volume has suffered by 12 percent, and the SEC is to be held responsible for it. Ripple Labs also rejected the allegations of SEC and called the registration of the lawsuit as needless muddying. The firm also pointed out to the cryptocurrency’s participation outside the US which stayed the same, indicating further baselessness of the allegations. Ripple price predictions expect a significant boost once the lawsuit is dropped.
