TL;DR Breakdown
- Ripple price prediction expects a rise towards $0.30
- Strong resistance lies at the $0.30 mark.
- Strong support lies at the $0.275 mark.
- Former Ripple advisor may join Comptroller of Currency office.
Ripple (XRP) continues to be stagnant after the December 2020 fall. The market outlook continues to be bearish while the stablecoin is unable to break past the resistance levels. The 24-hour high for the cryptocurrency was at $0.3096, while the 24-hour low was at $0.2749. At the time of writing, Ripple stands at $0.2782. During the past 24 hours, XRP tested the $0.30 price level twice but failed and fell to lower price levels after each failed try.
Out of the 28 technical indicators, 16 stand at a sell signal, while eight neutral indications and four sell indications were observed. Eight of the total oscillators are neutral with two sell indications and one buy indication. Of a total of 17, 13 of the moving averages are giving out a signal of sell with four indications of buy and zero neutral indications.
Ripple price prediction: What to expect?
Analyst Vince Prince has pointed out a downward channel formation in his Ripple price prediction. The analyst believes Ripple has also formed a coherent wave count and has completed wave A and B. Ripple is currently developing wave C of the formation. The wave count accounts for the strong volatility in the Ripple price action. The downward channel formation indicates the bearish pressures that have the cryptocurrency in its grasp.
At the final wave, the analyst expects Ripple to encounter a back-up cluster of various exponential moving average (EMA) support levels along with the support of the lower boundary of the channel. In his Ripple price prediction, Prince suggests an upwards slingback at this point. If the pullback happens, Ripple is likely to break out from the descending channel formation to the upside and confirm a bull flag. Prince furthers that the bullish pressures are likely to overtake the cryptocurrency in this scenario, and Ripple can be driven up towards the strong resistance level found at $0.32.
Analyst Bhobbs has identified a similar wave count formation in his Ripple price prediction. Ripple confirmed the ABC wave count as a correction; hence, the analyst predicts the succeeding wave count trending upwards. Per the analyst, the $0.30 price level is a major resistance level for the cryptocurrency, and if Ripple successfully breaks this level, the upward trending wave count can be confirmed.
Former Ripple advisor for Comptroller of Currency
As president-elect Joe Biden was sworn in, news broke of a potential nominee for the head of the Office of the Comptroller of Currency for the new administration. Reportedly the president will nominate Michael Barr, a previous member of Ripple’s advisory board, for the position.
Ripple, which had stayed stagnant ever since the Security Exchange Commission’s (SEC) lawsuit against Ripple Labs, took a steep upward shift after the news was announced. This has brought some relief to Ripple users as previous news about the new administration’s strict stance on cryptocurrency regulation had them queasy.
The chief operating officer (CEO) of Ripple Labs was hopeful as he expressed his desire to work and cooperate with the SEC and the Biden administration. The new administration may bring good news for the struggling cryptocurrency.
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