TL:DR Breakdown
- Ripple price prediction expects the bearish streak to continue.
- The market trend could lead to a positive outlook.
- Current support persists at the $0.540 mark.
The Ripple price prediction by Vince Prince suggests that the price will continue to descend till it hits the $0.5 mark. The cryptocurrency observed a continued bearish movement on the 9th of December and fell towards $0.51 before rising to the $0.55 mark again.
1-Day Ripple price analysis
The XRP price was at $0.551 at the time of writing. The altcoin’s price fell to a day’s low of $0.503, whereas the cryptocurrency was at a day’s high of $0.563 in the afternoon. The price has been under a bearish move from the 8th of December and the XRP price slipped below the $0.51 mark on the 9th of December. The price trajectory was seen recovering above the $0.55 level as the day proceeded. The overall trade over the 24-hour chart was observed to be bearish.
Ripple price prediction: Fall ahead?
Looking at the chart below, we can observe that the XRP price has approached the end of a triangle pattern that has formed above a broadening wedge.
The price is held above the upper trend line of the broadening wedge, along with the 100-Day Exponential Moving Average. The price turned bullish and moved above this channel that can be seen on the chart above, the pattern formed early in Q1 2020. The price is now expected to move towards the bottom of the triangle pattern and then see a bounce-off, which will then allow the cryptocurrency to escape the triangle pattern and rise across the $0.8 mark.
What to expect from the XRP price?
XRP is trading under a high descending resistance and the analyst believes that the altcoin looks bearish right now.
The trade volume has seen many hits on the 2h time frame and the price has moved downwards after spiking towards the $0.8 mark in the last week of November. The Relative Strength Index (RSI) has also come down from the overbought region. Per the analyst’s chart, the price should move towards the bottom and confirm support until it can break above the falling trend line.
What’s next for Ripple?
A 3-year long ascending channel was highlighted by the Trading View analyst GJM Real Estate. We can see that the cryptocurrency has bottomed in the up-channel.
Looking at this chart, 2021 looks promising for the XRPUSD trading pair. If Bitcoin and the cryptocurrency market continue to grow like they have recently, the prices for the XRPUSD pair should see newer highs in the up-channel, especially after a long period of consolidation near the bottom of the parallel ascending channel.
Ripple technical indicator movement
The Relative Strength Index (RSI) closed at 34.87, in the neutral region for the trading pair. The midline of the Bollinger bands is currently acting as resistance while the price is above the lower Bollinger band, which is acting as support. The histogram size is decreasing in the negative region, while the Moving Average Convergence Divergence (MACD) line and the signal lines are moving downwards. This is a bearish indicator for the cryptocurrency.
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