The Ripple price prediction by MKM suggests that the coin will trend towards $0.35. Ripple formed an ascending slope on the charts for the 11th of October after the price showed ruffled price movements on the 10th of October.
1-Day Ripple price analysis
Before closing the 24-hour trade, the coin hit the bears and dropped below the $0.255 level. At writing time, the coin was priced at $0.254.
Will Ripple rise to $0.26?
While it’s held by the $0.254 support, the cryptocurrency may look to long towards the $0.264 mark as suggested in the idea.
The altcoin broke above the support level on the 9th of October after it had been trading below this level from the start of September. The coin experienced a number of false breakouts during this period.
The stop-loss order was placed at $0.252. The stop-loss order is a preorder that allows traders to know when to sell the asset. In this case, if the coin falls below this mark, then the trade will be invalidated and the sellers will become active. The target price was laid at $0.264.
Ripple price prediction to $0.35
In another Trading View analyst’s opinion, the coin is bound to rise towards the $0.35 level in a long-term trade. The entry-level for this trade was marked at $0.254.
Entry levels are basically the buying price at which the traders should enter the trade by buying the asset. The stop-loss order was laid at $0.221 and the target price at $0.35. The Relative Strength Index (RSI) appears to be in the neutral zone with a closing value near 60.
The coin has been supported by a long ascending trend line since the 6th of March, 2020. If this trend line is not broken towards the downside, the cryptocurrency is expected to continue this ascending move.
Where is Ripple XRP price headed?
XRP seems to have hit a horizontal resistance just short of the $0.26 level. The coin recently broke above a large descending channel, per Vince Prince the analyst.
The breakout allowed the price to step into another channel, only this time, it’s an ascending channel. The ascension may be blocked here because the horizontal resistance is strong and it may reject the coin, causing it to observe a pullback and fall towards the $0.244 mark.
This is where a strong set of support lines are expected to stop the coin from falling any further. Some accumulation above these trend lines will allow the coin to build enough momentum to break towards the upside and move past the horizontal resistance. An ascending movement above this resistance will allow the coin to observe further ascension.
The trading pair may be approaching the end of a large triangle pattern. Two scenarios have been depicted by the Trading View analyst The Signalyst.
Per one of these scenarios, the price will break towards the upside. The second scenario suggests that the coin will break towards the downside. A support zone lies right above this triangle pattern. Also, Ripple seems to have formed an inverse head and shoulders on the 1-day chart. The inverse H&S is a bullish indicator, and it may enable the coin to gain enough momentum so that it may break towards the upside.
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.
