TL:DR Breakdown
- Ripple price prediction expects the rise to $0.67 next.
- XRP finds strong support at the $0.61 mark.
- $0.635 is serving as the strong resistance point at the time of writing.
The Ripple price prediction by Vince Prince has shown that the cryptocurrency may rise towards the $0.67 mark next. The price moved to the $0.63 level on the 2nd of December.
1-Day Ripple price analysis
The XRP price stood at $0.61789 at the time of writing on Bitstamp. The cryptocurrency observed sideways movement on the 2nd of December, which is also reached the day’s high of $0.6385. The lowest price for Ripple on the 2nd of December was $0.594. Ripple’s trading trend over the past 24 hours has been similar to that of Litecoin‘s.
Ripple price prediction: Rise to $0.67 ahead?
Vince Prince drew two possible scenarios for the XRP price, and they believe that the cryptocurrency will either rise after breaking towards the upside from a triangle pattern, or it would break towards the downside and continue descent.
On the 2nd of December, the cryptocurrency escaped the triangle pattern and moved above the path of the Exponential Moving Average (EMA) drawn by the analyst in blue. The cryptocurrency is still riding the 100-Day EMA and if it closes above it, there will be a bullish confirmation with a possibility of a 35% profit. If the cryptocurrency falls below the 300-Day EMA marked in red, the price will fall towards the $0.55 to $0.56 range per the analyst. If the price moves up from here, it will reach the $0.67 to $0.68 range per the chart.
What to expect from Ripple?
The analyst Project Syndicate expects the price to move in the $0.32 to $0.75 range with a limited upside. The analyst recommends traders to buy low and sell the cryptocurrency when it goes high.
The analyst expects the price to be locked in the range for a few weeks, the cryptocurrency hit heavy recently near the $0.67 mark while it cleared the $0.48 and $0.31 resistances. The analyst suggests traders to short the cryptocurrency in this trading range.
What’s next for Ripple ?
The chart below shows that the price is moving inside a triangle that is placed in a bigger triangle pattern. The price recently moved out of the smaller triangle and it has continued moving along the ascending trendline.
The cryptocurrency is expected to hit the end of the triangle soon and the price is expected to break towards the upside. If the cryptocurrency continues riding this trend line, it will rise towards the $1 mark, per the analyst. The Relative Strength Index (RSI) is above 40 on this time frame, which means the coin is in the neutral zone.
Ripple technical indicator movement
The Moving Average Convergence Divergence (MACD) line is moving above the signal line and the histogram size is growing in the positive region. This means that the cryptocurrency is under a bullish bias. The Relative Strength Index (RSI) closed at 52 on this time frame, which means the cryptocurrency is still in the neutral region. The price seems to be supported by the midline of the Bollinger bands while it tests the upper Bollinger band.
