- Ripple price prediction expects a downtrend.
- Currently standing at $ 0.25.
- $ 0.23 price point depicts sturdy support.
Ripple price is moving steadily for the past few hours, however, analysts expect a downtrend in the price towards the $0.23 mark. The stablecoin may find some footing given the fact that Ripple Foundation just bought $46 million worth of Ripple XRP.
The cryptocurrency was priced at $0.25865 at the time of writing. The price witness an uptrend touching the $0.26098 mark over the 24-hour trade. While the altcoins are expected to rise towards new highs in the days to come the stablecoin is expected to see some downtrend.
The trading view technical signals consistently show a weak buying momentum (17) and an even weaker selling momentum (2). The moving averages signal towards a strong buying impetus with the Exponential moving average valued at 0.24669 whereas the oscillators also depict a weak buy and sell thrust with a relative strength index of 60.23448.
Out of the 17 Moving Average indicators 15 are giving a buy signal while the rest stand on a sell. Similarly, out of the 11 Oscillator indicators 1 is giving a sell signal and 2 lean towards buying.
Ripple price prediction: What to expect?
Top trading view analyst Vince Prince calls the XRP formations an interesting price action as it created a down-trending formation, after which a rebound occurred at a bullish pace in the upper limit. Analyzing the timeframe, the analysts indicate a few other formations coming up worthy of considerations. The solid price actions of Ripple confirms the cryptocurrency’s strong potential amidst the Bitcoin rally. VincePrince further detected notable price points and expected results keeping in mind the forthcoming targets.
The analyst highlights a triangular structure on the charts, which is scaling upwards and, at the same point, fulfills a consistent wave count expected to be the starting point of the closing breakout. Vinceprince predicts this to occur once a pull-down is experienced within the resistance clump of the upper limit. The entire formation is indicated to be completed once a bearish trend under the lower boundary is established.
Confirming such price-action to contribute towards a bearish consistency moving forth into the upper limit of the downward structures where stability and continuity are expected. Vinceprince concludes the extremely bullish pace to facilitate the cryptocurrency in catching up with the Santa rally Bitcoin is expected to go through.
On the other hand, analyst YM Group explains in their Ripple price prediction that the stablecoin is ready to take off towards new resistance levels above the $0.26 mark. The strongest resistance is now found at the $0.27 mark. Similarly, All Krystals explains that the bullish scenario is very much possible given that the stable coin breaks past the current resistance levels. He marks several resistance levels towards $1 and the closest one at the $0.28 mark in that race.
Given the current market conditions, even if Ripple price retraces towards $0.23 mark, it is very likely to quickly jump back up towards the $0.26 and $0.28 mark. The much awaited altcoin season and the current Bitcoin stability also add to the bullish momentum possibilities.