The Ripple price prediction by Solldy has depicted an increase in the price towards the $0.256 mark. The cryptocurrency reached the $0.253 level on the 27th of October.
1-Day Ripple price analysis
The price was observed at a day’s high of $0.254. XRP was priced at $0.252 at the time of writing.
Ripple price prediction: Rise towards $0.264 next?
The trade chart below shows that the price is traveling over an ascending trendline from the start of October. The cryptocurrency has recently bounced above the trendline and entered long opportunity trade at the entry level $0.251.
Solldy is of the opinion that the price will ascend above the $0.264 mark soon. The stop-loss for this trade is marked below the ascending trendline, at $0.243. This means that if the cryptocurrency falls below the trendline and moves towards the stop-loss, the trade will be invalidated. The take profit lies at the rising resistance level at $0.264. The cryptocurrency has been testing and falling back from this resistance from mid-September.
What to expect from Ripple?
XRP appears to be trading inside an ascending channel and the cryptocurrency recently completed the E wave leg above the neckline found in Vince Prince’s channel. The analyst expects the price to complete a wave count below the neckline, or if the market turns bullish, the price will break above the neckline and move towards the upper boundary of the channel.
Currently, it is unsure whether the price will posses enough momentum to break out of the neckline or not. However, if the breakout occurs, this will result into a C wave and the price will rise above the major channel, and then return towards the broken trend line afterwards. Each of the scenarios drawn lead to an E wave at the end, where the price either rises above the channel, or stays below it and then eventually sees a pullback.
Will Ripple fall to $0.245?
Ripple trades within the $0.245 to $0.252 range on YM Group’s chart for the pair. The price has been trading near the upper resistance structure, and the analyst believes that the price will fall towards the support level soon.
The support level for this setup was marked as a horizontal line at $0.245. The cryptocurrency confirmed this support after falling on the 26th of October. After this fall, the cryptocurrency returned above the $0.25 mark and has been trading there ever since. Per the analyst, this is a short opportunity for XRP and the price will move downwards.
What’s next for the XRP price?
The Trading View analyst Gold Trader believes that the price is inside a descending channel, which lies inside a bigger ascending channel.
The cryptocurrency is expected to break above the falling channel and reenter the greater channel to rise upwards. Per the analyst, the lower boundary of the greater channel is expected to allow the price to break above the small channel after XRP bounces off. A cross also appeared between the 21-Day Moving Average and the 50-Day Moving Average.
Disclaimer: The information provided is not a 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.
