- Ripple price prediction expects a $0.228 high.
- Current support found at the $0.239 mark.
- Strong resistance persist at $0.24 mark.
The Ripple price prediction by YM Group suggests that the cryptocurrency will soon fall bearish towards the $0.228 mark. The coin returned above the $0.238 level on the 4th of November.
1-Day Ripple price analysis
Ripple was priced at $0.238 US Dollars at the time of writing. The cryptocurrency had fallen to a day’s low of $0.232 on the 4th of November.
What’s next for Ripple?
In Solldy’s chart, we can see that the altcoin is trading inside a falling channel, and the price is expected to hit the $0.226 mark.
The trade suggests a short-entry for the cryptocurrency at the $0.237 mark. The price has recently fallen below an ascending trendline that cuts through the falling channel, and this breakout below the ascending trendline has caused the price to continue the downtrend. The horizontal support level was marked at $0.231, and the price is expected to fall below this to move towards the bottom of the channel.
The take profit is marked at $0.22644, and the analyst believes that the price is testing a strong resistance line that originated in March 2020. This means that the cryptocurrency will not be able to break towards the upside.
Ripple price prediction: Short to $0.228?
The trading idea below shows that the cryptocurrency will move into a shorting position and fall towards the $0.228 mark soon. The analyst expects to price to fall towards the nearest support level that is marked at $0.228.
The cryptocurrency is kept above the support structure that lies right over the $0.235 level. The price has been holding this level from the 29th of October, and it is finally expected to move towards the downside. The take profit level for this trade idea was marked right over the $0.215, and the price should move towards the horizontal support at $0.228 first, and then break below it to continue to downtrend towards the bottom of the trade.
Ripple to form a head and shoulders pattern?
Vince Prince believes that the coin will form a big inverse head and shoulders pattern on the 2h time frame for the trading pair. As the inverse head and shoulders pattern is a bullish indicator, the price should trend towards the upside after its completion.
The left shoulder and the head of the pattern are almost completed. The price needs to test the falling neckline of the trading pattern, which is also where the Exponential Moving Average will give increased resistance to the price. The price is expected to test and see a pullback from the neckline and then return towards the support above the $0.2325 mark to see another bounce off and a run towards the falling neckline.
Eventually, the price will complete the right shoulder of the head and shoulders pattern and then break above this neckline to see a run towards the top of the setup, where the target price lies near $0.2528.
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