- Ripple price predictions coming in strong for a break out.
- Volatility can topple the current market stability.
- Ripple expected to rise if the market stability persists.
The cryptocurrency observed a gradual uptrend on the 18th of October. The Ripple price prediction by Rocket Bomb suggests that the altcoin is set to break out of a falling wedge pattern, after which it will rise towards the $0.256 mark.
1-Day Ripple price analysis
A single XRP cost $0.242 at the time of writing. At its highest on the 24-hour chart, the price reached the $0.243 level.
Ripple price prediction: Where is XRP price headed?
Vince Prince showed a huge descending channel for the cryptocurrency that highlights a wave pattern that XRP has been following.
The analyst highlighted a consolidation range for the cryptocurrency between the $0.24 and $0.27 levels in which the price is currently in. The rang e is supported by the 300-Day Exponential Moving Average, while its resistance is the 100-Day Exponential Moving Average.
The coin is trading inside a massive descending channel, while this accumulation channel has formed towards the upside of the channel. A possible retest of the lower boundary of the accumulation zone may cause a price bounce that will eventually lead to an upward breakout from the huge channel.
The crypto analyst Solldy depicted that the price has fallen below a descending trend line on the 14th of October, after which the price has been traveling inside of this descending channel.
Currently, XRP has moved towards the support structure, and the analyst expects the price to rise towards the $0.246 mark, which is also where the resistance lies. Per the idea, the cryptocurrency is set to test the resistance near the $0.246 mark next.
On the 18th of October, the cryptocurrency holds support near the $0.238 level. The analyst believes that XRP will soon test the resistance above the $0.26 mark.
The price was held above $0.238 from the 16th of October; the analyst believes that XRP will trend upwards soon and test the nearest resistance above $0.246. If we look at the trade volume, the trading pair had a higher volume over the past week. On the 16th of October, the volume was observed decreasing as the price volatility decreased on the hourly time frame as well. This means that the cryptocurrency might be looking towards an upward move.
Ripple price prediction: Ascension to 0.256 ahead?
Rocket Bomb highlighted a falling wedge pattern on the 1-hour time frame for the trading pair. The analyst believes that the XRP price will fall towards the $0.231 mark before breaking out of the wedge.
The bottom of the trade lies at $0.22, while the wedge’s support was marked at $0.23. The analyst believes that the cryptocurrency will break above the wedge pattern soon and extend towards the upside, breaking and testing through a number of higher resistances until the cryptocurrency reaches the $0.256 level. The take profit for this trade was marked at $0.2562, while the stop-loss was at $0.221.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
