- Ripple price prediction expects a drop to $0.24.
- Current price stands at the $0.26 marks.
- Bitcoin price is affecting altcoin market.
The Ripple price prediction by Vince Prince has shown that the altcoin will see a downtrend towards the $0.246 level next. The cryptocurrency moved towards the $0.268 level over the day’s trade. Bitcoin price has fallen to the $15600 range affecting the altcoin price market as well.
1-Day Ripple price analysis
Looking at the daily chart above, we can see that the altcoin has formed a continuous upward slope. The price crossed the $0.268 mark before closing the day, and it increased by almost $0.02 over the 24-hour trade. At the time of writing, the cryptocurrency was priced at $0.263 US Dollars on Bitstamp.
Ripple price prediction: Fall to $0.246 ahead?
An inverse head and shoulders pattern appeared on the XRP charts. Vince Prince believes that the cryptocurrency will see a pullback which will be followed by a long stretch towards the upside until the cryptocurrency hits the $0.281 mark.
The inverse H&S is a bullish indicator, and the cryptocurrency moved from below the $0.240 mark to the $0.265 level after the inverse H&S formation. The altcoin has hit a neckline around the region that it currently trades in, and the price is expected to see a reversal towards the $0.246 support next. This reversal will be followed by a bounce off, which will eventually lead the price across the neckline, and then towards the $0.289 target.
Ripple to test $0.27 next?
The resistance for the cryptocurrency was marked at the $0.260 in YM Group’s setup. The analyst believes that the price will test $0.270 soon.
The altcoin managed to break above the $0.260 resistance level on the 6th of November, and the price moved past the $0.265 mark by the 7th of November. The trade is active and as long as Bitcoin BTC doesn’t see a fall, the cryptocurrency will continue to move upwards and possibly break above $0.270 as well.
What to expect from Ripple?
The Trading View analyst Muhamed expects a bull-run by the XRPUSD pair. Per the chart below, the cryptocurrency has shown a bullish divergence and it is expected to move towards the green line highlighted above $11.
If this bullish divergence plays out, the price will see a huge increase, especially after crossing the $11. This is a trade setup for a long-term idea, and the chart used here was the 1D time frame.
Ripple technical indicators
The Relative Strength Index (RSI) closed at 44.92 on the 1m time frame for the XRPUSD pair. This is the neutral zone for the cryptocurrency, which shows that the cryptocurrency was neither oversold nor overbought. At 20:20 GMT on the 6th of November, the RSI indicator fell below 8.00, which means that XRP was highly oversold.
The Moving Average Convergence Divergence (MACD) line is crossing below the signal line, while the histogram size appears to be increasing in the negative region. This is indicating a bearish move ahead, the price has also fallen below the midline of the Bollinger bands as they see a slight expansion on the charts. The Bollinger bands showed an increase in the price volatility during the end of the day.