- Ripple price prediction expects $0.22 low.
- Ripple is quickly losing support.
- Strong resistance in the $0.24 range.
The Ripple price prediction by Ar Shevelev suggests that the cryptocurrency will trend towards the $0.247 level before falling short to $0.22. The price moved to the $0.240 mark on the 29th of October.
1-Day Ripple price analysis
At the time of writing, XRP was priced at $0.240. The highest price for the cryptocurrency was $0.247 US Dollars for the 24-hour trade.
Ripple price prediction: Where is XRP headed?
Ripple was expected to enter an opportunity for long towards the resistance above $0.265. The price fell to the $0.241 mark on the 29th of October when it slipped below an ascending channel.
Per the analysis, the price should have moved above the trendline on the 29th of October. However, the cryptocurrency slipped below the ascending trend line during the day’s trade. The horizontal resistance lies above $0.275. This may be a fake downward breakout of the ascending channel; if the price recovers soon and moves towards the upper boundary, it may finally be XRP’s chance to move above the channel and across the $0.275 level.
Ripple to see a downtrend ahead?
The Trading View analyst Mudrex believes that the XRP price will see a downtrend on the daily time frame. The analyst observed and highlighted a double top pattern on the charts.
The double top pattern can be seen in the above chart against the upper Bollinger band. The price has been varying inside the bands and since the double top pattern is a bearish pattern, the cryptocurrency is expected to trend towards the lower Bollinger band.
The trade volume saw an increase for the red candles, while the blue candles were decreased. This means that the market is shifting from the buyers to the sellers. The Moving Average Convergence Divergence (MACD) line crossed below the signal line, while the histogram size decreases in the negative region. The MACD technical indicator suggests a bearish bias for the trading pair under such depictions.
The Relative Strength Index (RSI) closed below 46.00, which means that the cryptocurrency is in a neutral region with no oversold or overbought instances noted. The Commodity Channel Index is also in the neutral region.
Ripple price prediction: Ripple price about to crash?
A rising edge was confirmed on the H4 time frame by the Trading View analyst Ar Shevelev, who believes that the cryptocurrency will see a reversal of the downward trend towards the $0.25 mark soon.
The cryptocurrency broke below the rising wedge on the 28th of October, and the price is now expected to return to the broken trendline before it can resume the descent. The target price lies between $0.220 and $0.224 levels. The entry for the short trade was placed near $0.247. The stop-loss is marked above the $0.258 level.
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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