Ripple Price sliding towards $0.20 despite Bank of America (BoA) news

Ripple XRP
  • The Ripple price is in range mode
  • The resistance is at $0.25
  • Bears in control in lower time frames
  • The Bank of America may tap into the Ripple ODL

Ripple price prediction: Current overview

The Ripple price is consolidating, waving within a tight trade range. 

Although there are bullish attempts, bears have been largely in the last couple of days.

At the time of trading, the XRP price was changing hands at $0.241, pulling back slightly from intra-day highs of $0.243 and a slight increment from open at $0.240. Today’s lows stand at $0.238. 

All things constant, the Ripple price is at an influx point. Notably, bulls may flow back as prices retest the support trend line of the ascending triangle. The sharp pullback from the $0.25 immediate term resistance level was clear.

Supporting fundamentals can be from the bullish announcement from the SWELL conference. The confirmation of the Bank of America (BoA), for instance, is massive for the XRP price. 

In a mock presentation, the San Francisco startup seems to have already tapped in the giant American bank into its On-Demand Liquidity (ODL) platform that uses XRP for instantaneous fund transfer. 

However, there is no official communication from the bank. Still, it is highly likely that BoA will use xCurrent, a suite included as part of the RippleNet. 

If not, the stir will most probably translate to FOMO, setting the precedence for other banks to jump into the ODL bandwagon.

Ripple price movement in the last 24 hours

Ripple price daily chart for Oct 17
Ripple Price Daily Chart by Trading View

There are a series of higher highs if the tandem is the support trend line of the ascending trend line. 

In the last week of trading, the Ripple price is weak, reversing gains versus the USD and BTC. It is down a ballpark four percent against the USD, BTC, and ETH.

The immediate support level, as aforementioned, is the support trend line. 

However, the rapidity of lower lows towards $0.22 highly depends on how sharp gains of Oct 4 are reversed. Steep losses below this mark could trigger a sell-off to new Oct 2020 lows.

Conversely, recovery from this level–notably in the final third of the ascending triangle, builds the impetus for a break above $0.25. 

In this case, the Ripple price may end up soaring to $0.32 of Aug and even $0.34, a retest of February 2020 highs.

Ripple price movement in the last hour

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

Sellers are in control as the Ripple price continues to trickle lower in the 1-hour chart. 

Even though there is a clean break above the middle BB with decent volume, prices are still held within a negative gradient. The resistance trend line is a sell-wall. 

A close above this level could see the Ripple price recover towards $0.25. On the flip side, losses below $0.23 will be a liquidation trigger towards $0.20 and new Oct 2020 lows.

Ripple price prediction: Conclusion

A lot depends on how the Ripple price reacts from spot levels. 

Aforementioned, a close below the main support trend line visible in the daily chart may lead to further losses. 

In the immediate term, a close above the resistance trend line in the hour chart could lead to an XRP price pump to $0.25.

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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