Ripple price prediction: XRP continues to consolidate around $0.35, prepares for a move higher

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Avatar for JeremySagnes
3 years ago
  • XRP supported around $0.35.

  • XRP/USD trades at $0.38.

  • The first resistance for XRP, still at $0.50.

Ripple price prediction for today is bullish as the market has retraced most of the last weeks` gain and currently consolidates around $0.35.

TL;DR Breakdown XRP supported around $0.35. XRP/USD trades at $0.38. The first resistance for XRP, still at $0.50. Ripple price prediction for today is bullish as the market has retraced most of the last weeks` gain and currently consolidates around $0.35. Cryptocurrency heat map Source: Coin360 The overall market is still very bullish. Practically every […]

The overall market is still very bullish. Practically every Altcoin is in the green, with Ethereum up 7 percent, while the market leader – Bitcoin is up 5.6 percent, while slowly starting to reverse. Therefore, the second half of today could lead to some of the gains reversed.

Ripple price prediction: XRP continues to consolidate around $0.35, prepares for a move higher

XRP/USD opened at $0.372 after XRP spend most of yesterday in a consolidation. A critical support level of $0.35 still holds. Therefore we could see a reversal in the upcoming 24 hours.

Resistance levels at $0.50, $0.55, and $0.62 can be used as profit targets. Considering the volatility of XRP/USD, it is best to reduce position sizing.

Ripple price movement in the last 24 hours

Ripple has moved in a range of  $0.3575 -$0.4043 during the last 24 hours, indicating a reduction of volatility. A sharp drop of over 67 percent has lead to a trading volume of $10.3 billion. Therefore, Ripple has calmed down during the last 24 hours by establishing a base from which to reverse back to the upside.

XRP/USD 4-hour chart – Volatility has decreased, will XRP reverse?

Looking at the 4-hour chart for XRP/USD, we can see a clear support area established above the $0.35 price mark. After testing it on the 2nd of February, Ripple moved slightly higher and currently trades in an increasingly tighter range.

XRP/USD 4-hour chart. Source: TradingView

Ripple has seen very volatile price action over the past few days. The volatility jump for Ripple started on the 29th of January, when XRP/USD broke above a several week descending triangle pattern. 

The result was a move towards the $0.50 resistance, which was broken after a brief rejection. Ripple then soared all the way towards the $0.755 new yearly high. This move for Ripple resulted in an overall gain of 200 percent.

Since the $0.755 high on the 1st of February was set and immediately rejected, Ripple has continued moving lower. Currently, XRP/USD trades around $0.35 support, which has previously acted as very strong resistance in January. Therefore, the analyst expects Ripple to reverse back to the upside in the upcoming days.

Target resistances for Ripples` way up are several. First is located around the psychologically important $0.50 mark. Second, around the previous minor support of $0.55. Third, at the $0.62, where Ripple previously closed a very volatile 4 hours bearish pin-bar.

How high Ripple could go on the way back up is hard to predict. However, another move higher is needed for the price of XRP/USD right now. This would allow additional sellers to come in and potentially push XRP lower once more.

Therefore, the analyst predicts a reversal back to the upside in the upcoming 24 hours or even days. 

Ripple Price Prediction: Conclusion 

Overall, the Ripple price prediction is bullish as the market has retraced too much, too fast. The XRP/USD price action indicates that we shouldn’t see further downside. The market seems oversold right now. Therefore, the price of XRP should reverse back to the upside. The analyst expects Ripple to reach at least $0.55 on the next way up.

This move could lead towards another several week or even month triangle pattern being formed, with XRP trading in an increasingly tighter range. This kind of prediction, however, is still premature. Ripple needs to show further price action in order to confirm this prediction.

For now, the best option would be to look for a long position with a target set towards the previously mentioned resistance levels of $0.50 and $0.55.

Until then, see our latest news on Ethereum setting a new all-time high at $1,500, as well as our long-term Polkadot price prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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3 years ago

Comments

Buying Xrp is a great idea I see a guy on youtube who buy 4000xrp coins. I think it is promising and its price is suitable for newly crypto investors.

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3 years ago