- XRP price prediction expects potential breakout to the upside
- Bears seem to remain in control
- Bullish momentum building as a falling wedge pattern reaches breakout point
- Volatility decreasing as price begins to increase
- Breakout to the upside seen as article comes to the conclusion
XRP price has been seeing signficant descending patterns since entering December, but the change in BTC price has revitalized XRP as it rises from the ashes of $0.45 to almost $0.5 at the time of writing.
Currently, XRP price sits at $0.498 as the market blows up – up over six percent on the day opening price.
Use the oscillator below to check what role XRP might play in your portfolio.
XRP price prediction: 1-Day chart overview
The 1-Day chart shows a steady decline in XRP price as volume and market activity remains bearish. This comes as expected following the XRP dump after the Flare token airdrop on the 12th of December 2020. This ‘dumping’ of XRP saw prices touch $0.43 in the last 24 hours.
The volume remains moderate, but all anticipation of XRP price has been solely based upon the activity of Bitcoin breaking the $20,000 barrier. As of this time, BTC price remains above $20,200.
The Relative Strength Index (RSI) indicator reaches downwards on the 1-Day chart towards the lower boundary of 30. If this continues, buy pressure will begin to build and we should see XRP prices begin to recover.
XRP price prediction: volatility overview
As XRP price action unfolds and stabilizes above $0.49 while writing, volatility levels only continue to decrease. This is perhaps a strong sign that the bullish momentum seen is welcomed by traders.
As the day proceeds, this picture of volatility will become more clearer. If we see bearish activity see a rise in volatility later today, that will confirm bullish activity is the expected response for the time ahead.
XRP price prediction conclusion: XRP price set to fall to $0.41 within next three days
Prior to the breakout seen in the last 10-15 minutes, this conclusion was aimed at the suggestion of a breakout in XRP price after descending the falling wedge pattern shown above.
As can be seen, the descending Head and Shoulders pattern was a clear indicator of the fall in price. As the result of falling wedge patterns mainly see breakouts to the upside, this was the general outlook at the time of chart creation.
The accumulation zone is linked directly to mid-November’s XRP accumulation zone. This helped inform the rough area of accumulation in the $0.45 to $0.41 zone. Upon hitting this zone and the end of the falling wedge pattern, the breakout to the upside occurred.
XRP breakout to the upside
As can be seen in the second chart, the breakout to the upside was confirmed as XRP price reacted positively to the BTC pump today. So far, XRP price has reached up to $0.52 in the last 20 minutes.
As always, trade safely, carefully, and trade only what you can afford to lose.
Until the next breakout!