TL;DR Breakdown
- Ripple price prediction expects a rise to the $0.30 mark.
- Strong resistance currently lies at the $0.282 mark.
- Strong support currently lies at the $0.272 mark.
- Ripple secures new partnerships amidst SEC’s lawsuit.
Ripple has been in the hold of strong bearish pressures since the beginning of the year and pressures do not appear to be waning anytime soon. The cryptocurrency’s 24-hour high was at $0.2856 while the 24-hour low was recorded at $0.2688. At the time of writing, Ripple was priced at $0.2748.
The market sentiment for Ripple continues to be bearish. Out of the 28 technical indicators, 13 stand at a sell position whereas ten are neutral and only five are at a buy position. Nine of the oscillators are neutral with two at buy and zero at sell. Out of the 17 moving averages, 13 are sell indications with three buy and one neutral indication.
Ripple price prediction: What to expect?
Analyst Vince Prince has identified a triangular formation in his Ripple price prediction. The formation has a steep descending upper boundary, which indicates the bearish momentum of the cryptocurrency. Prince has also identified a coherent wave count that Ripple appears to be operating on with numerous sub-waves. The wave count will be completed at wave E, which lies in a resistance cluster. Ripple will most likely swing back from the cluster and continue in the triangular formation. Ripple’s future price actions depend on its break out from the triangle.
Prince furthers in his Ripple price prediction that an upward break out has a possibility of 40 percent, and in this case, Ripple can cross the $0.30 price level. On the other hand, with strong bearish pressure, the possibility of breaking out of the formation downwards is 60 percent. Ripple’s price can dive $0.25 in this scenario, if not more. The analyst furthers that Ripple is also facing strong resistance making the bearish scenario more likely; however, before moving forward, traders should wait for a break-out confirmation from the formation.
New partnerships amidst SEC lawsuit
The Security Exchange Commission (SEC) lawsuit against Ripple Labs has thrown Ripple (XRP) into the holds of bearish pressures. Ripple labs has revealed its key defense argument in a new report. If Ripple Lab’s argument holds and the lawsuit is settled, this could indicate Ripple’s explosion.
Ripple aims to show that the foundation is not dependant on XRP as it has other payment products as well. Moreover, historical partnerships of the foundation have not had any significant impact on the value of XRP. Ripple Labs is an individual entity that had been operating before it launched XRP. Ripple price predictions are also hopeful despite the lawsuit saga.
Even amidst the crisis, Ripple Labs has announced two key strategic partnerships that may potentially put XRP back on track due to increased adoption. Ripple Labs has teamed up with Malaysia’s Mobile Money – a mobile wallet – and Bangladesh’s bKash – a mobile financial services provider.
Per the arrangement, Mobile Money and bKash’s transactions will now take place over RippleNet. Both the transitioning economies provide unexplored opportunities and potential, which Ripple Labs will now be exploring with zeal. Ripple has proved itself to be a viable option for mainstream adoption as it won the trust of two major service providers with their aim of providing cheap, secure, and efficient money transfers.
