May 12, 2021

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Ripple price prediction: Ripple consolidates below $1.65, prepares to push higher?

3 min read

TL;DR Breakdown

  • Closest resistance at $1.65.
  • Support at $1.50.
  • Next price target at $1.90.

Today’s Ripple price prediction is bullish as the market has consolidated for several days after failing to break above the $1.65 resistance. Since a good base from which to move higher has been established, we expect Ripple to move higher over the upcoming days. 

Cryptocurrency heat map. Source: Coin360

The overall market is in the green today as strong rallies across the market were made over the last 12 hours. ETH is up by almost 8 percent, while BTC is up by 3 percent as it slowly moves back to the $60,000 mark. Waves is the best performer as of now, with a gain of 40 percent after reaching above the $35 mark earlier today.

Ripple price prediction: Ripple consolidates below $1.65, prepares to push higher?

XRP/USD opened at $1.56 today after a slight retracement yesterday from the $1.65 resistance to the $1.5 support. Since the Ripple price has consolidated sideways for several days now, we expect a breakout higher over the next 24 hours as bulls look to continue the overall several-day rally.

Ripple price movement in the last 24 hours

XRP/USD price moved in a range of $1.55 – $1.62, indicating moderate volatility. 24-hour trading volume has decreased by 26.84 percent and totals $6.13 billion. The total market cap stands at $72.4 billion, ranking the cryptocurrency in 4th place overall.

XRP/USD 4-hour chart – XRP has established a base from which to break the $1.65 resistance

On the 4-hour chart, we can see XRP moving sideways for the past days within a narrow range below the $1.65 resistance. 

Ripple price prediction: Ripple consolidates below $1.65, prepares to push higher?
XRP/USD 4-hour chart. Source: TradingView

Ripple market sentiment has shifted over the past week after a several-week retracement took the market price from $1.97 all-time high to low at $0.90, resulting in a loss of over 50 percent. From there, XRP/USD consolidated for some while until a brief spike lower was made on the 25th of April.

Over the next days, Ripple price gained around 50 percent, with the previously established resistance level around $1.50 retested. Another several-day consolidation with a $1.30 level as support led towards push higher on the 30th of April with $1.65 mark reached this time.

Currently, Ripple moves sideways again in a similar way a before. Since Ripple has spent more than two days in this consolidation, we expect a breakout to the upside to be seen over the next 24 hours as the overall week-long bullish momentum continues. Until then, Ripple should continue respecting the $1.50 level as a support.

Once a breakout to the upside is made, the next target is located at the $1.90 mark. If Ripple reaches this target from the current price of around $1.59, it would mean a potential gain of around 20 percent over a couple of hours. Therefore, we are bullish for XRP/USD over the next 24 hours.

Alternatively, if Ripple price action dips below the $1.50 mark, we could see a much longer several-day retracement to be played out over the next few days. However, as long as XRP/USD does not dip below the previous local low at $1.30, the market structure remains bullish.

Ripple Price Prediction: Conclusion 

Ripple price prediction is bullish as the market has consolidated for several days below the $1.65 resistance. Therefore, we should see bulls continue pushing XRP/USD higher over the next days, with the next target to the upside located at the $1.90 mark.

While waiting for further Ripple price action, see our guides on BTC wallets and faucets, as well as what are BTC ETFs. 

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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