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Ripple price rise 6% but under bear pressure

Ripple price XRP
  • Ripple price is stable within a bear flag
  • Resistance is at $0.26
  • Bear and bull targets at $0.20 and $0.30, respectively
  • Brad Garlinghouse said Ripple may opt-out from the United States

Ripple price prediction: Current overview

The Ripple price is stable, moving within a narrow range inside an ascending triangle. Although the general crypto community is upbeat, the XRP price is surprisingly drab and uneventful. 

At the time of writing, the coin is trading at $0.255, at par with today’s high. Today’s low is at $0.253, while the open is at $0.254.

Still, how the Ripple price performs largely depends on prevailing fundamentals.

Just recently, the CEO of Ripple, Brad Garlinghouse, said the company could relocate to the United Kingdom, Japan, Singapore, or two other countries. He complains of the lack of proper regulations in the United States. 

In the United Kingdom, its regulators, the FCA, says the XRP coin is not security. 

Meanwhile, in Japan, there are well-defined laws around crypto projects and trading in general. Also, Ripple has a strong partnership with the Japanese financial giant, SBI Holdings.

Ripple price movement in the last 24 hours

Ripple price rise 6% but under bear pressure 1
Ripple Price Daily Chart by Trading View

The Ripple price is bullish in a potential bear flag. It is up six percent against the greenback in the last week of trading. However, it is down versus the BTC and ETH.

Even though bulls may be in charge, prices will likely chug marginally higher but below the $0.26 in the medium term. The $0.26 level is an important resistance zone. A decent break above this line may trigger bulls reversing steep losses of early September 2020. 

However, losses below the support trend line of the ascending triangle will confirm recent higher highs as a bear flag. In that case, the XRP price may drop towards $0.20 or worse, $0.17.

Presently, how the XRP price trudge also dependent on their reaction at the 20-day moving average. The flexible support line was comprehensively broken on Oct 4, confirming the double bar bullish reversal pattern of late September. 

Since then, prices have been trending sideways. A firm break above $0.26 will usher in a wave of new demand that may completely reverse losses of early September, thrusting prices higher towards $0.30 and $0.34.

Ripple price movement in the last hour

Ripple 1-Hour Price Chart by Trading View
Ripple 1-Hour Price Chart by Trading View

The Ripple price is stable in the lower time frames. 

Retesting the support trend line, the XRP price could either sink below this level towards $0.24 over the weekend, oscillate horizontally, or rise towards and above $0.26 as price action sync with the prevailing trend. 

Aforementioned, a close above $0.26 could see the prices rise to $030 or better.

On the flip side, losses towards $0.24 could pressure bulls and in exhaustion, XRP could collapse towards $0.17 in confirmation of late September losses.

Ripple price prediction: Conclusion

Often, when BTC is trending higher, altcoins including XRP tend to suffer. 

The Ripple price is steady at the time of press, oscillating within a tight range with defined support and resistance levels. 

As it is, $0.26 is a sell-wall. A break above this is positive for bulls. Bull and bear targets remain at $0.30 and $0.20, respectively.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

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