- Ripple price prediction suggests breakout above the wedge pattern
- Hourly charts display a renewed bullish wave sweeping the price action
- Bearish wedge pattern gives way to a fresh new buying spree
- Ripple price prediction of $0.755 seems a possibility on daily charts
Ripple price prediction touching $0.755 may soon be a reality as the price has broken out of the bearish wedge pattern. The XRP/USD is approaching the Bollinger Band’s upper range and faces an uphill task to build a breakout. The resistance near the $0.50 will see sellers emerging from the shadows to take the pair downwards once again.
Traders and investors must proceed with caution as the wild ride in XRP/USD may not be over yet. The past week saw the price fluctuate wildly between a vast range of $0.30 to $0.7550. However, the wild streak did infuse a lot of trading energy and attention into the pair. No wonder both institutional investors and day traders are now looking at Ripple price prediction to get a piece of the pie.
At the time of writing, the pair is trading at $0.4162 and is likely to end the week near the current range. XRP has managed to keep a significant portion of the gains it accumulated in the past week. The correction from the highs also helped tone down the overbought technical indicators. The bulls may use the thin weekend liquidity to surpass the $0.4560 resistance mark. However, sellers are also preparing their move near the Bollinger Bands’ upper zone at the $0.4648 level.
Ripple price movement in the last 24 hours – Shrinking price range ready to breakout
The Bollinger Bands are shrinking further as we approach the end of the day. Today, the price is stuck in a tight range between $0.4033 to $0.4368. Thus, the contracting bands are going to send the price in either direction. The price is likely to skyrocket higher towards $0.50 resistance channel with an intense buying action underneath.
Ripple price prediction still has a light at the end of the tunnel for the bulls. At the time of writing, the price is trading marginally under the 9-day simple moving average but above the 50-day simple moving average. The breakout from the bearish wedge pattern has created an ascending price channel on the hourly charts. Ripple price prediction shows that the price is targeting the next immediate resistance at the $0.44 level.
The number of XRP whales seems to be increasing with each dip in the price. The massive support at $0.35 makes evident the presence of XRP whales at the next immediate support level. The buying frenzy can kick off once the price closes above the $0.4500 level. The explosion in XRP whale activity comes amid an unfavorable SEC ruling regarding Ripple. The technical set up favors the bulls on the hourly charts.
XRP/USD 4-hour chart: Technical indicators predict a breakout
Various technical indicators together paint a positive picture on the hourly charts. The RSI is at 48, which is the mid-level and suggests that the bulls have a wide-open space ahead. The MACD is neutral and has a shade of positive bias with both trend lines intertwined. The Bollinger Bands are sending a clear bullish signal. The extreme contraction in Bollinger Bands makes for a perfect breakout opportunity in the XRP/USD pair.
However, being overly bullish does not mean that traders ignore the bearish possibility. The volatility can bring a downward spiral in the pair causing it to slip near the $0.35 support level. The bulls need to maintain the buying momentum to push the price past key resistances at $0.46 and then at $0.50.
Ripple price prediction conclusion: Buyers ready to push XRP past $0.50
The social activity has risen manifold ever since last week’s sharp spike upwards. The extraordinarily bullish Ripple price prediction has now turned more muted, but the upwards bias remains. Apart from the weekend volatility, the movement on the daily charts favors bulls.
The intermediate supports have not been tested yet, and the price may revisit these levels during any extended corrections. XRP does have support from the broader crypto market, which is still sending positive notes.
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