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Ripple price prediction: XRP to short towards $0.215, analyst

  • Ripple price prediction to expect $0.215 low.
  • Ripple is losing support and fell from a $0.25 high in past two days.
  • Strong support is now found at the $0.232 mark.

The Ripple price prediction by Solldy has depicted that the price will fall towards the $0.215 mark soon. The cryptocurrency is expected to go short here, while it moved above the $0.238 mark on the 30th of October.

1-Day Ripple price analysis

Ripple stabilized above the $0.238 level on the 30th of October. The cryptocurrency traded at $0.239 US Dollars at the time of writing.

Ripple price prediction: Short opportunity ahead?

Solldy believes that the coin is about to crash on the H2 timeframe. The price has fallen below an important ascending channel, and now it has moved towards a resistance structure between the $0.235 and $0.240 levels.

The analyst is of the opinion that this is a shorting opportunity, and the cryptocurrency will run towards the $0.229 mark, which is where the horizontal support for the setup lies. The price is expected to break below this support level and move to the falling support between the $0.210 and $0.215 marks. The resistance structure formed between $0.235 and $0.240 will cause the price to bounce off and continue the downward movement, per the analyst. The second support line where the price is expected to eventually move down to the July 2019 levels.

What’s next for Ripple?

Gold Trader has highlighted a big triangle pattern on the weekly time frame. The pattern is almost a 16-month triangle, and the price is expected to fall towards the lower boundary of the triangle before it can observe an upward movement.

A death cross took place between the 50-Day Moving Average and the 100-Day Moving Average. This is a bearish indicator, in which the short-term moving average crosses below the long-term moving average. The death cross indicates a major sell-off, and it will cause the price to hit the bottom of the chart. Once the cryptocurrency falls to the bottom, the analyst expected it to see a bounce. The bounce will cause the altcoin to gain enough momentum to rise above the triangle pattern and reach near $0.32 before it sees any pullbacks.

If a pullback occurs, it will cause the price trajectory to move towards the upper broken trendline of the triangle, which will now be a support level. The support level will be sturdy enough by now to let the price see another bounce and resume its uptrend towards newer highs. Per the chart, the target price lies somewhere between the $0.45 and $0.50 levels.

What to expect from Ripple?

Looking at the chart below, we can see that the trading pair has moved below the large up-channel. The price is expected to see a reversal after it bounces off the horizontal support between $0.230 and $0.235.

The bounce off will cause a price retrieval towards the broken support level, and the cryptocurrency will eventually crash after testing the resistance cluster here. Eventually, the price will fall to a bearish continuation that either may bounce off the same support again, or it may even be bearish enough to break below the support level and fall to $0.220.

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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