The altcoin was seen creating an ascending slope on the chart for the 3rd of November. The Ripple price prediction by Solldy from Trading View suggests that the cryptocurrency is about to move towards the $0.203 level after going short.
1-Day Ripple price analysis
Just before noon, the price spiked across the $0.244 mark, where it hit a day’s high of $0.24401. The cryptocurrency has trended above the $0.236 level through most of the day’s trade. At the time of writing, XRP was priced at $0.237.
Ripple price prediction: What’s next?
On the chart below, we see a huge uptrend line on which the cryptocurrency has been traveling from the 21st of September. This trendline was marked in red, while another falling trendline was sketched in green that intersects the previous trendline and is expected to lead the cryptocurrency on a short-entry and towards the $0.20 mark.
The analyst observed a downward decline on the charts as it rested over a horizontal support level at the $0.231 mark. The analyst marked the stop-loss at the $0.246 level, while the take profit is marked at $0.203. Ripple had observed a move towards the downside over the day as the price broke below the bigger red trendline. From its current level, the price is expected to break below the horizontal support and run towards the $0.203 level. However, on the 3rd of November, the price held the horizontal support and continued trading above $0.236.
What to expect from Ripple?
On another chart, the price was trapped in a large triangle pattern from the 27th of July. The price has finally broken below the triangle pattern, and its expected to move towards the downside.
The trade volume for the cryptocurrency has decreased over the past few days. Hmikael thinks that the price has entered a short-trade here and it will profit somewhere between the $0.205 and $0.220 marks. The analyst also suggested that XRP‘s trend totally depends on that of Bitcoin BTC‘s, so if BTC pumps, XRP would pump as well, and if BTC drops, XRP would drop too.
Ripple returns above $0.235 support
The chart below shows another opportunity for XRP to go short and fall below the $0.22 mark. The support level in this trade is marked at $0.238.
Looking at the chart above, we can see a sudden decrease in the trade volume. The price has been trading above a horizontal support structure from the 29th of October. The price had broken below this structure and moved towards the $0.228 support. The analyst believes that this downtrend will continue until XRP approaches the $0.215 support.
On the 3rd of November, the price has recovered above the $0.235 support instead of continuing downwards. However, this idea is still not invalidated, and Ripple may go lower as the price makes a new downtrend and fall down to the support zone.
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