After a price consolidation in the first half of May, the price of Ripple (XRP) is currently heading towards its high for the year. In addition to positive news, including the publication of the Hinman minutes and a mysterious footnote in a legal document, the chart also looks increasingly bullish. The recent attempt to break out of the price-limiting red downtrend line saw XRP price surge to a new monthly high this week. In a weekly comparison, Ripple is one of the top performers among the 100 largest altcoins with a price increase of 12 percent. If the buyer side manages to stabilize above 0.48 USD after a failed false breakout at the end of March, the probability of a bullish trend movement in the coming period will continue to increase. The fact that Ripple CEO Brad Garlinghouse is expecting a timely decision in the smoldering SEC proceedings seems to be fueling the price fantasy.
Ripple(XRP): Bullish price targets for the next few weeks
Bullish price targets: 0.51 USD, 0.55 USD, 0.59 USD, 0.65 USD, 0.69 USD, 0.75/0.78 USD, 0.86/0.89 USD, 0.94/1.00 USD
Since breaking out above the horizontal resistance level at $0.48 at the beginning of the week, the XRP price has spiked north by 10 percent. If Ripple does not slide below the broken downtrend line again and confirms its breakout move from the previous days, a march towards the make-or-break level at 0.55 USD should be planned. If the bulls do not fail here again and overcome this price level by the end of the day, the focus will shift to the high for the year around the higher-level 38 Fibonacci retracement at USD 0.59.
If the buyer side can carry out a liberating blow here, the trend movement should gain further momentum. Ripple could then start with an interim stop at the high from May 2022 at 0.65 USD to at least 0.70 USD. Even a direct price increase to the medium-term target of between 0.75 USD and 0.78 USD would be conceivable. The first profit-taking should be planned for in this area.
If the resist zone is also overcome in perspective, the chart image will continue to brighten. As a result, the XRP price should pick up speed towards its highs of the previous year around 0.89 US dollars. If Ripple also breaks through this overriding price target in the long term, from a technical point of view, a further jump in price up to the maximum derivable target zone between 0.94 USD and 1.00 USD can be expected.
Ripple: Bearish price targets for the next few weeks
Bearish price targets: 0.48 USD, 0.44 USD, 0.42/0.40 USD, 0.38 USD, 0.35 USD, 0.33 USD, 0.31/0.29 USD
The bears only reached their minimum target this month with a sell-off to 0.42 USD. The bulls were recently able to successfully parry a sustained sell-off below the EMA200 (blue). The trend movement from higher lows is still intact for now. However, as long as Ripple does not form a higher high, there are still chances for the seller camp to send the XRP price south in the traditionally weak stock market month of June. To do this, Ripple must first break back below the support area at 0.48 USD.
However, only when the XRP price gives up the support bundle from EMA200 and Supertrend at 0.44 US dollars do the chances of a renewed correction move increase. Then there would be a medium-term directional decision in the zone around the monthly low of 0.42 US dollars. As a result, Ripple is likely to fall through the yellow support zone between 0.40 USD and 0.38 USD towards the price lows from March at US 0.36.
The import bearish target area would have been worked off. If the bears succeed in breaking through this area as part of an overall market weakness in the second half of the year, the XRP price will extend its downward movement directly into the purple support zone. To stave off a sell-off back towards the yearly lows, the bulls need to counter at 0.35 USD. However, if there is a break of 0.33 USD, Ripple is likely to tumble down into the area around its key 12-month supports of 0.31 to 0.29 USD.
Looking at the indicators
Both indicators RSI and MACD show solid buy signals in the daily chart. However, the RSI looks overbought in the short-term, which means that another breather may be needed to rise towards the high for the year. Both indicators also show stable long signals in the weekly chart, which further increases the chance of a rising Ripple price in the coming weeks.