TL;DR Breakdown
- Ripple price prediction expects a drop to $0.20 range.
- Current resistance is found at the $0.29 mark.
- Current support is found at the $0.28 mark.
Ripple has been trading in the $0.27 to $0.31 range for a few days now. The cryptocurrency has found stability in this range even though the daily price movements are highly volatile. In the 24-hour timeframe, the cryptocurrency peaked at $0.3278 – the highest it has gone after its decline on the 10th of January – while the low was $0.2183. At the time of writing Ripple was trading hands $0.2947 apiece.
The market sentiment continues to be bearish for Ripple. Out of the 28 technical indicators, 10 stand at a sell position while nine are neutral and nine are buy indications. Eight of the oscillators are neutral with two sell positions and one buy position. The moving averages signals of buy and sell stand at eight each with one neutral indication.
Ripple price prediction: What to expect?
Analyst Lana has confirmed a triangular formation in her Ripple price prediction. Per the analyst, Ripple has also established a wave count as it collides with the upper and lower boundary of the formation – testing various support and resistance levels. The analyst predicts bearish pressures are like to overtake the cryptocurrency and cause a break out from the triangle to the downside. If the downward breakout is validated, the Ripple price can go to very low levels before it stabilizes.
In her Ripple price prediction, Lana explains that the fall can lead the cryptocurrency to a price level of $0.17, where it will encounter strong support. However, if the support does not hold, Ripple can go as low as $0.1. The analyst also expects a break out of the Relative Strength Index (RSI) from its upward trend line to possibly a level of zero. Moving Average Convergence/Divergence, on the other hand, appears to be gaining momentum.
Analyst YL PRO has identified a steep downward trend line for the cryptocurrency in his Ripple price prediction. Per the analyst, the cryptocurrency has been on a downward descent since December of 2020. It has encountered various Fibonacci levels as support and resistance but as of now all of the identified levels are acting as resistance with the exception of 0 Fibonacci level which lies parallel to the price level of $0.16. the analyst believes Ripple can find support at this level and stabilize, otherwise the downward trajectory can continue.
New SEC Commissioner to save XRP?
As president-elect Joe Biden was sworn-in today, the cryptocurrency market’s tension is high because of the administration’s stance on cryptocurrency regulation, but the situation may be even more dire for Ripple. Gary Gensler will take over as the chief of SEC under the new administration. Gensler has a tough reputation when it concerns regulation. Previously, acting as the chairman of Commodities Futures Training Commission (CFTC), Gensler was lauded for his strict stance on derivatives regulation. He had also been dubbed as the man who “brought order” to the derivatives market.
As the SEC’s lawsuit against Ripple Labs is scheduled for its pretrial conference on 22nd February, the SEC can be expected to push even harder against Ripple Labs under Gensler’s administration. In anticipation of the conference, Ripple (XRP) price volatility might be high.
