- Ripple price prediction expects a rise after the current bearish momentum.
- XRP finds strong support at the $0.239 mark.
- Bearish market trend is keeping prices low throughout the market.
The cryptocurrency market turned bearish, causing the altcoin to fall below the $0.24 mark at the start of the 24-hour day. The Ripple price prediction by Malbenn suggests that the altcoin will see an increase in its price soon, allowing it to hit $0.263.
1-Day Ripple price analysis
The cryptocurrency held firm near the $0.239 level on the 16th of October. XRP traded at $0.241 at the time of writing.
Ripple price prediction: Where is XRP headed?
Looking at Vince Prince’s 4-hour chart, we can see that the analyst has drawn an ascending channel for the altcoin. The price seems to have been following a wave pattern inside the ascending channel, and it is expected to rise towards the $0.25 level.
The chart shows that the cryptocurrency has formed a downward wave, which led it towards a cluster of support levels; these include the lower boundary and the channel’s horizontal support level. Ripple is expected to bounce off this support level and move upwards. This retrace of the price will allow XRP to resume its ascension and move towards the $0.266 level, which is where the higher resistance exists and will give Ripple a window for a short-entry. A short-trade is when the price is expected to decrease.
The price recently broke below multiple support levels, and now it is expected to fall further down on the chart. If Solldy’s idea comes into play, the cryptocurrency should head for the $0.235 level next.
The support structure was formed short of the $0.243 level, and XRP moved below this structure on the 16th of October. For its next move, the price will continue bearish until it hits the nearest formed support, which is expected to be found at $0.234. The analyst expected the XRP price to move out of the resistance zone and hit the support.
The coin appears to be forming a triangle pattern since August. XRP formed a bullish flag during August and stepped past the $0.242 level. The price volatility has decreased and continues to decrease along with the trade volume.
A lower price volatility usually depicts an upcoming breakout. The XRP price is expected to break above the $0.23 mark in a long-term move. An upward breakout will lead the price to newer highs, per the analyst. The analyst believes that the trading pair is about to exhibit a similar move of ascension to what it experienced in 2017.
Ripple price prediction: Ascension towards $0.263 ahead?
Ripple trades in an ascending channel and for its next move, the price is expected to hit the $0.263 mark. Malbenn drew this ascending channel on the 4H chart. The target price was laid at $0.263.
The stop-loss can be seen at $0.23320; that is where the traders are advised to sell the asset. Around the time of publishing, the altcoin’s price trajectory traveled close to the channel’s lower boundary.
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