- XRP/USD trading pair kicked off the day with a sharp momentum that topped at $0.46441.
- The pair is trading below the 23.6 Fibonacci retracement level.
- Increasing buying pressure will catapult XRP and trigger a Fear Of Missing Out (FOMO) pattern.
Ripple Price Prediction: General price overview
XRP is still trading slightly below the $0.50 overhead resistance after consolidating a recovery above two resistance levels at $0.4200 and $0.4500. A bearish trend line is forming around $0.44120, even after the price of XRP is trading above the $0.4500 support and above the 100 simple moving average. The coin was trading well above $0.4650 before facing a downswing that saw it float below $0.50.
XRP bulls are struggling to sustain the price above $0.4950 and $0.5000; of course, they have already cleared to a press time price of $0.45420.
The 1-hour chart indicates an ascending triangle pattern which the bulls should hold intact and prevent the bears from dipping the price. This is because a slight sink below $0.4480 and $0.4500 raises the chances of a continuous downtrend.
The downswing below $0.50 in the early trading hours indicates bearish sell-outs and an attempt to induce a pullback. Meanwhile, the past few hours have no clear indication of whether the patterns will have a bearish or bullish outcome. Mainly because the XRP/USD trading pair has been trading within a narrow range on the 24-hour chart. There is intact support for a possible upward momentum at the 200 moving average (12-hour) but has only been defending the coin from a downward correction.
News around XRP includes the Ripple-Moneygram partnership’s termination and the settlement of a legal dispute between Youtube and Ripple to shut down XRP giveaways. Nonetheless, the two pieces of news have not created any price effect on the coin. As a matter of fact, the price of XRP has been performing within a stiff resistance since late February. There might not be any bearish downswings, but the consolidation is pretty narrow, with insignificant price changes since the week’s start.
XRP/USD trading pair price movement in the past 24 hours
XRP/USD trading pair kicked off the day with a sharp momentum topped at an intraday high of $0.46441. However, the upward momentum halted and broke down into a descending channel with a bottom near $0.4400. Nevertheless, the coin seems to be ascending against the $0.4560 resistance and has its target at $0.4600 on the 1-hour chart. If the coin manages to clear resistances at $0.4580 and $0.4590, the trendline will break above $0.4600 and $0.4700.
XRP/USD trading pair 4-hour chart
The XRP/USD trading pair trades below the 23.6 Fibonacci retracement level of the upward price correction from $0.3938 to $0.45831. On the 4-hour chart, the coin formed a major bullish trendline below the descending triangle with support at $0.4408.
XRP has already cleared resistance at $0.4500, and the bulls are currently consolidating momentum to challenge resistance at $0.4600. There is first resistance around $0.4544 on the downside, but buyer action is likely to induce a new increase further above the $0.4600 support.
$0.5000 remains a key resistance, and a break out above translates to a strong increase. Sustaining an ascending channel above this key resistance could have the price touching the $0.5200 level. And therefore subsequently ascend towards $0.5500.
XRP/USD Trading Pair Prediction
Two things might happen that will affect the price of XRP significantly.
One, increasing buying pressure will catapult XRP through multiple upside resistances and trigger a Fear of missing out (FOMO) pattern among cryptocurrency investors. This will set the price to a major trading zone at $0.6530.
Two, the bears are applying downward pressure, which might create a pullback below $0.4500 and $0.4200, resulting in a downward correction by 26%, towards $0.3100.
Now that the XRP/USD trading pair is already with the $0.4500 resistance, we hope the bulls will challenge the major resistance at $0.5000. The bulls should remain intact and prevent a break below $0.4450.