XRP Price Prediction: Ripple regains bullish impetus, poised to bypass the $2 mark
3 min readTable of Contents
TL;DR Breakdown
- XRP price prediction shows Ripple has surged by more than 35 percent over the past 24-hours, pushing it towards the $1.4 crucial level.
- If the crypto asset closes the day above the $1.4 mark, it could trigger a bull run that might take it above the $1.7 mark.
- A brief price consolidation is expected to occur in the 12-hour demand barrier before proceeding with its bullish momentum.
Over the last 24-hours, Ripple has recorded a significant 36 percent surge following a rebound from its $1 support.
XRP Price Prediction: General price overview
Interestingly, this price recovery came at a time when ETH and BTC are recording significant price recoveries. For BTC, it has managed to settle above the $50,000 mark while ETH has managed to rally past the $2,500 mark. At the time of writing, Ripple is exchanging hands at around $1.39 amidst the bullish narrative from the falling hammer pattern.
Ripple’s price found support around the $1 region during the recent market crash, the previous weekly close. According to the daily chart, XRP managed to surge twice from the support line to appreciate by almost 40 percent to settle around the $1.4 zone. Interestingly, the $1.4 mark matches last week’s 100 Simple Moving Average (SMA) and the opening price.
At present, Ripple is likely to experience a minor price consolidation within the 24-hour demand zone that ranges from $1.2 to $1.4. This is the best-case scenario for the remittance token before resuming its upsurge march. In such a scenario, Ripple bulls could come out strong to put more emphasis on the bullish momentum, pushing the crypto coin upwards by about 25 percent towards the $1.7 region.
XRP price movement in the past 24 hours
If Ripple manages to bypass the $1.7 region, the crypto coin could be in for a yearly high at around $2. The SuperTrend indicator is another technical indicator adding credence to the ongoing bullish narrative as it appears to be flashing a buy signal. This is the first time the SuperTrend indicator has flashed green since 30th March. Validating this positive outlook is the near-zero funding rate, indicating that traders are not rushing to buy the crypto asset despite the reasonable Ripple price.
Trading at $1.39, Ripple has only one immediate resistance level at the 100 Simple Moving Average (SMA) to move towards the $2 mark. If the crypto asset manages to bypass this level, it will easily beat the other resistance barriers head towards the coveted $2.
XRP 4-hour chart
Apart from the hammer pattern breakout, Ripple’s bullish momentum is also supported by the Moving Average Convergence Divergence (MACD) technical indicator. At the time of writing, the MACD blue line has rejoined the positive area, hovering way above the signal line. If all things remain constant, Ripple’s upsurge movement will proceed throughout this week’s trading.
Additionally, the Relative Strength Index (RSI) supports Ripple’s ongoing bullish narrative with its progressive recovery from the oversold zone. At present, the RSI indicator is hovering way into the overbought region, indicating it is a great time to buy the crypto asset. These factors spell good fortunes for Ripple as they suggest it is heading towards the $2 mark.
Conclusion
Despite Ripple trading around the crucial resistance region at $1.39, it remains in a safe place. We are waiting for a brief price consolidation before a sudden surge that is likely to push Ripple above this region. However, if holders decide to sell their holdings instead of buying, Ripple will close the day below the $1.25 mark, which coincides with the 50 Simple Moving Average (SMA). This will prematurely kill the current bullish narrative.
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.
