- XRP price to rise to $0.535 per analyst
- Ripple price observed irregular price movements
- Altcoin continues to appear bullish
The Ripple price prediction by Vince Prince shows that the cryptocurrency will rise towards the $0.5350 level next. The analyst has suggested a downtrend to follow this ascension for XRP.
1-Day Ripple price analysis
The XRP price rose towards a day’s high of $0.49668, whereas the lowest price for the day was marked at $0.39480. The cryptocurrency observed irregular price movements over the daily chart, while the coin was priced at $0.47356 US Dollars on Bitstamp at the time of writing. The overall trade for the 21st and the 22nd of November appears bullish for the XRPUSD trading pair.
Ripple price prediction: Rise to $0.5350 ahead?
The altcoin has observed a head and shoulders pattern as observed on the chart below. Per the analyst, the cryptocurrency will bounce off the ascending neckline that the price has been trending above from the 21st of November.
The H&S pattern will cause the cryptocurrency to observe a short-position on the charts and move towards the neck line before it can observe the bounce and rise on the charts. The cryptocurrency is expected to rise towards the $0.5350 level after the completion of this trade.
Currently, the price is supported by the Exponential Moving Average marked in green. The analyst believes that the price will see a bounce from the neckline because of another Exponential Moving Average that also moves near the neckline, which means that the cryptocurrency has a strong support level here. The bottom of the trade is marked at the flat support near $0.4140. Per the chart, the cryptocurrency will get rejected by the upper boundary of the up-channel and the flat resistance at $0.5350.
What to expect from the XRP price?
Currently, the cryptocurrency has bounced off the $0.5 mark after testing it once on the 22nd of November. The analyst has highlighted the psychological resistance at 50 cents for XRP. The analyst is positive that the price will rise towards the upside from here.
The cryptocurrency’s price has recently spiked by over 60% on the charts, and it is still looking bullish. Per the analyst, Ripple is set to make moves towards the $0.6 level, and then towards the $0.9 mark. The analyst stated that the new trading range that the price is about to enter will be more interesting for shorter trades. If the cryptocurrency breaks and holds above $0.5, the price trajectory can easily see a continuation towards the $0.6 level.
Ripple to see a breakout soon?
We can see a bearish down-channel on the chart below for the XRPUSD pair. Looking at the up-channel, we can see that the altcoin has made it across the midline and it is now looking to move towards the upside.
In the analyst’s opinion, the cryptocurrency will break above the up-channel very soon. The price is on a continuous uptrend and it is going to test the upper boundary next. Per the analyst, the cryptocurrency will break towards the upside and make a run for the $1.4 mark.