TL;DR Breakdown
- Ripple price prediction expects a drop below $0.25.
- Strong resistance lies at the $0.285 mark.
- Strong support lies at the $0.272 mark.
Ripple is under strong bearish pressures, and the possibility of attaining the bull-run high of $0.70 seems to be drifting further away. Ripple peaked for the 24-hour chart at $0.3029, but the price level could not be sustained as the cryptocurrency quickly went down to establish the 24-hour low of $0.2611. At the time of writing, Ripple stands at $0.2796.
The strong bearish pressures that have gripped the cryptocurrency do not appear to relent. Out of the total 26 technical indicators, 14 are standing at sell, whereas 10 are neutral indications and there are four buy indications. Out of the total oscillators, nine are neutral, with two buy and zero sell indications were recorded. Out of the 17 moving averages, 14 are at sell with one neutral and two buy indications.Â
Ripple price prediction: What to expect?
In his Ripple price prediction, analyst DHF states that Ripple appears to be entering an accumulation stage. Before the 2020 high of the cryptocurrency market, Ripple had been operating in an accumulation stage. Per the analyst, the cryptocurrency successfully completed the expansion, distribution, and contraction stages indicating that Ripple will be heading towards another accumulation. In the accumulation stage, Ripple’s price action will be relatively stable, with no possible breakouts. The analyst believes the accumulation channel will lie between $0.2561 and $0.1981.
DHF expects Ripple to continue in the narrow channel for a while. Unless the Ripple Lab’s Security Exchange Commission (SEC) lawsuit is settled or Bitcoin brings strong bullish pressure to the market, Ripple is unlikely to be interrupted. The moving average convergence/divergence (MACD) and relative strength index (RSI) are also bearish for the cryptocurrency. Per the analyst, Ripple has been following the double exponential moving average (DEMA) – in green – closely while the Exponential Moving Average of 50 (EMA50) is acting as resistance for the cryptocurrency.
Analyst Orlin Myer has identified an ascending triangle formation in his Ripple price prediction. Although the formation is bullish and leans more towards a bullish breakout, Ripple appears to have broken out of the triangle towards the downside. Per the analyst, the beginning of Ripple’s final leg can be seen. If Ripple’s final leg is confirmed, then a sharp downward trajectory can be expected from the cryptocurrency.
Myer furthers that in this scenario the previous low of $0.17 can act as support and Ripple can be expected to stabilize around that price level. However, the analyst also expects the bearish momentum to not last for a long time and Ripple could possibly regain its earlier bullish momentum in the coming month. Myer’s has set an optimistic price target of $1.00 in that case. Â
Analyst Trading With The Trend has identified a coherent wave count in their Ripple price prediction. The analyst suggests a short position as the protracted wave count indicates a downward trend in Ripple’s price action. Per the analyst, the formation of an ascending trend line could also be noticed, but the trend line failed as support as the cryptocurrency moved lower. The analyst is not hopeful for Ripple in the slightest as the target price lies at $0.10.
