TL;DR Breakdown
- Ripple price prediction expects a rise to $0.75.
- Current resistance is found at the $0.485 mark.
- Current support is found at the $0.460 mark.
- SEC cases continues to be the holding factor.
After falling from the price level of $0.65 in February, the cryptocurrency has been trying to push back towards the price level but the bears get the better of it again and again and Ripple is unable to cross-resistance levels. In the 24-hour timeframe, Ripple started the day with a price level of $0.4680 after which it shot up to the 24-hour high of $0.4890.
However, Ripple could not maintain its trajectory and went ahead to establish the 24-hour low at $0.4594. At the time of writing, Ripple stands at $0.4707.
The market sentiment for cryptocurrency is bullish. Of the total 26 technical indicators, 10 stand at a neutral position, and 13 give out a buy indication while only three are at sell position. The oscillators are mainly neutral, while the Moving Averages are giving out a strong buy indication.
Ripple price prediction: What to expect?
Analyst Ambrooo has pointed out a triangle formation in his Ripple price prediction. An identical triangle had been formed by the price movements of Ripple earlier in January. The analyst pointed out the interestingly similar trend while suggesting that an identical break out can happen from the current triangle.
In January, Ripple broke out of the triangular formation to the upside and achieved a price level of $0.75, which lies parallel to the 2.618 Fibonacci level. The analyst is suggesting a repetition of the trend. In such a case, Ripple can be expected to have a price level of $1.18 at the 2.618 Fibonacci level. The Relative Strength Index (RSI) is also on an upward trend, further fueling the cryptocurrency’s bullish momentum. The analyst is suggesting a long position for Ripple.
Analyst Amobrah has identified the cryptocurrency in a triangle formation in his Ripple price prediction. Per the analyst, Ripple appears to be neutral for the time being, but the general trend of price action is bullish. The On Balance Volume indicator signifies a consolidation for the cryptocurrency, which indicates bullish momentum. Even though Ripple appears to be neutral, the analyst is bullish on the cryptocurrency in light of the technical indicators. However, the analyst suggests a potential fakeout towards the downside from the triangle formation before Ripple can continue its upward trend. The analyst has set a price target of $0.70 for the cryptocurrency.
SEC continues to hold Ethereum price action
Ever since the Securities Exchange Commission launched a lawsuit against the Ripple labs, the firm and the SEC have been going back and forth. The price of the cryptocurrency has been on a roller coaster ride as a result. The SEC has subpoenaed the personal financial records of the executives of the firm. The law team responded by asking the court to quash the subpoenas as the firm has already agreed to share any piece of information relevant to the case.
The firm had been vocal about how the SEC lack concrete evidence, and the subpoena has been dubbed as completely irrelevant to the case. Given the current scenario, most Ripple price predictions are not as optimistic as possible given the overall cryptocurrency market situation.
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. Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/ripple-price-prediction-xrp-towards-0-75/
