- XRP price prediction shows the cryptocurrency is slowly recovering from its recent price dip.
- Ripple appears to be struggling moving past the $1.4 region after rebounding from regions around the $0.8.
- According to several prevailing technical patterns, Ripple is likely to consolidate than surge higher.
In the last 48-hours, Ripple has managed to record an impressive 30 percent price rally, to quickly overturn its April’s down surge trend. However, today’s price movement shows the crypto asset bullish momentum is losing pace.
XRP Price Prediction: General price overview
Ripple is set to enjoy additional gains in the near term thanks to yesterday’s explosive price surge. However, new changes in the Securities and Exchange Commission lawsuit could overturn the prevailing technical patterns and any other gains at any time.
On Tuesday, the remittance token tried to extend the upsurge past the $1.5 mark but the bulls hit a barrier at $1.47. Following this, Ripple experienced a brief price correction that sent its price plunging under the 100 Simple Moving Average on the 4-hour chart. At present, Ripple is exchanging hands at about $1.33, prompting the bulls to fight the nearest moving average resistance.
According to the near-term technical pattern, Ripple appears to be potentially trading sideways. According to analysis, it appears this trend is being influenced by the hold-up of the Relative Strength Index under the overbought zone. The RSI is currently hovering around 56.7 indicating the push and pull between the bulls and the bears is at a deadlock.
XRP price movement in the past 24 hours
Additionally, when we look at Ripple’s price movement in the past 24-hours, the Moving Average Convergence Divergence technical indicator asserts it is in a consolidation period. The blue MACD line takes an ascending motion towards the positive region, confirming the possibility of Ripple trading sideways for some time. It is necessary to keep in mind that whenever the blue MACD line settles above the signal line, it shows the crypto asset is bullish and that buyers are at an advantage.
Therefore, if Ripple manages to have a decisive close above the $1.4 mark, it might trigger the resurgent of a bull run that might push it past the $2 mark. Settling above the $1.5 mark could activate massive buy orders as speculation would mount of its gains beyond the $2 mark.
XRP 4-hour chart
According to the 4-hour chart, if Ripple closes trading today under the 100 Simple Moving Average, it could be in for mounting selling and overhead pressure. Any further price decline from the current value could make Ripple retest its $1.2 support line if the 50 Simple Moving Average does not help in stopping further declines. If worst comes to worst, Ripple might experience a price freefall that might send it spiraling under the $1 mark towards its primary support at $0.8.
According to the Market Value to Realized Value (MVRV) metric, Ripple’s current reading is 27.4 percent, up from the -2 percent on 24th April. This shows that Ripple is currently hovering in the undervalued section.
At present, Ripple’s path appears more complicated than most crypto assets in the market. Considering the remittance coin has a pending lawsuit against its officials, Ripple is in unchartered territory. However, all hope is not lost. The bulls have to try their best to make sure it does not tumble down past the $1.5 descending trendline. If this happens, the $1 mark would be the last line of defense in avoiding XRP plunging towards $0.8 and beyond.
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