- Ripple price prediction expects a retrace towards $0.252.
- Ripple lost support above $0.256 in past 24 hours.
- XRP likely to hit a new low before rising.
The Ripple price prediction by Vince Prince has depicted that the price may soon recover above the rising trendline and move to $0.252. The cryptocurrency observed a descending move on the 26th of October.
1-Day Ripple price analysis
XRP was priced at $0.249 at the time of writing. The cryptocurrency fell to a day’s low of $0.247.
Ripple price prediction: Move towards $0.252 next?
According to the last day’s analysis of the XRPUSD pair by Vince Prince, the cryptocurrency fell below the ascending channel on the 26th of October and moved to the ascending trendline.
The cryptocurrency moved towards the higher boundary of the ascending channel on the 26th of October and fell to rejection from the resistance cluster. The bearish momentum caused the price to fall below the big channel and move towards the blue ascending trendline. The price has two paths to take from here, it will either fall below the ascending trendline and move towards $0.240, or the cryptocurrency will resume its uptrend while moving along the trendline.
On the 26th of October, the coin has started to move towards the $0.25 mark. If the price holds above this key support level, the price will gain stability and move towards the $0.252 mark.
The XRP price in a descending channel
The Trading View analyst Gold Trader highlighted a falling channel for the cryptocurrency. The price entered this channel on the 22nd of October, and it has been falling on the charts ever since.
The analyst expects the price to break out of the channel. Currently, the cryptocurrency trades near the lower boundary of the falling channel. The 50-Day Moving Average has crossed above the 100-Day Moving Average, which is a bullish indicator for the cryptocurrency. The analyst suggests traders wait for a breakout at this point. A breakout would cause the XRP price to rise towards $0.255.
Ripple falls to $0.25 support
YM Group marked the support level for the currency at the $0.25 mark. The top for this trade was laid short of the $0.26 level, and the analyst suggested that the price will enter into a short opportunity here.
The take profit for the trade was marked near the $0.25 support. On the 26th of October, the trade became active and the price fell towards the $0.25 mark and moved below it. Currently, the cryptocurrency’s price varies near the horizontal support marked for the XRPUSD pair. The trade volume also appears to have decreased on the charts.
The Trading View analyst Abrytan believes that the cryptocurrency has broken above a channel and now it will trend upwards inside a bigger ascending channel.
The falling channel that the XRPUSD pair has recently broken out of was a 32-Month channel. The price varies near the lower boundary of the larger channel, and it is expected to gradually trend towards the $200 mark over a period of 2 to 3 years.