- Ripple price prediction expects a fall towards $0.228.
- XRP is currently trading in the $0.236 range.
- Current support is found in the $0.233 range.
The Ripple price prediction by YM Group has suggested a short-entry for the cryptocurrency. The analyst believes that the price will fall towards the $0.228 mark soon. The cryptocurrency has been trading above the $0.234 level on the 2nd of November after it observed a descent in the first half of the 24-hour trade.
1-Day Ripple price analysis
The price approached a day’s high of $0.244 on the 2nd of November. The cryptocurrency was priced at $0.236 US Dollars at the time of writing.
Ripple price prediction: Fall to $0.228 ahead?
Per YM Group’s analysis, the cryptocurrency has entered a good short opportunity as the analyst believes that the price is about to move to the $0.228 support level that lies at the bottom of the trade setup.
The altcoin was supported by a support structure that lay short of the $0.242 level. The price traded between this support and the $0.245 resistance for the past two weeks until the cryptocurrency saw a bearish momentum on the 2nd of November and slipped below this mark. The cryptocurrency is holding above the $0.235 level, while it is expected to stretch a leg towards the downside and move to $0.228. This is because the price has broken below the support and closed under it.
Another bear flag for Ripple?
The cryptocurrency confirmed a bearish flag on the 2h time frame shown below, right when the price fell towards the $0.2440 mark after breaking below the up-channel highlighted at the top of the setup. Vince Prince’s chart highlights another bear flag forming up on the charts. This channel is expected to have the cryptocurrency observe a wave-like momentum until the price hits multiple resistances above the $0.244 level.
Once the cryptocurrency hits the resistance cluster marked between the $0.244 and $0.248 levels, the price will not break through it. This is because three resistances are expected to be found here, and the cryptocurrency will not possess enough bullish momentum to break towards the upside. The rejection will cause the price to observe a pullback and then drop below the up-channel. The fall will confirm the bear flag. The target price is expected to be below the $0.2285 mark.
Ripple expects a breakout soon
On another analysis of the trading pair, a triangle seems to have formed up and Ripple is expected to break towards the upside from the trading pattern.
Looking at the chart, the price volatility has decreased by a lot, which means that the cryptocurrency is near a breakout. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line, and the histogram size appears to be increasing in the positive region. This means that a bullish move is expected up next. The price has been varying inside this triangle since April 2017, and it is expected to see a breakout that will lead it across the $0.5 mark.
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