TL; DR breakdown
- The ripple price forecast expects an increase to the $ 0.38 mark.
- The strong resistance is currently at $ 0.33.
- Strong support is currently at $ 0.295.
- SEC warns Ripple investments of losses in the event of a negative judgment.
Ripple hasn’t seen much growth and has been stable in the $ 0.26-0.29 range for the past few days. The 24-hour low for the cryptocurrency was $ 0.2719 while the 24-hour high was $ 0.3053. The cryptocurrency has seen an upward trend in 24-hour price promotions. At the time of writing, Ripple is rising and the price stands at $ 0.3061.
Of the 26 technical indicators, ten are in the neutral position, nine in the buy position and nine in the sell position. Nine of the oscillators are neutral, with buying and selling each for one ad. The moving averages are eight long and eight short positions with a neutral indicator.
Ripple Price Prediction: What To Expect?
Analyst Vince Prince identified a converging triangle formation in his Ripple price prediction. The analyst also established Ripple to develop a coherent wavenumber. The cryptocurrency has moved up and down along various wave numbers within the triangular formation. Prince also pointed out the development of an inverted head and shoulders (H&S) formation; however, it has not yet been confirmed.
The ripple broke out of the wavenumber because it did not complete wave C at the bottom of the formation. This could be an indication of bullish pressure on the cryptocurrency.
Prince has also identified the formation’s lower bound as a dynamic support zone, which is critical for Ripple to dominate bullish pressures. The analyst has predicted an upward breakout of the formation for Ripple. The bullish breakout of the triangle will land Ripple at a price level of $ 0.32. Prince expects a downward pullback at this price level. However, if Ripple finds support at the top of the formation, the cryptocurrency can grow and reach a price of up to $ 0.38.
The analyst Joseph Yabwa also hopes for an increase in the long-term Ripple price action in his Ripple price forecast. According to the analyst, Ripple is expected to hit $ 0.5 in the short term but is likely to suffer from major corrections thereafter. In the long term, however, Yabwa assumes that Ripple will be on a straight uptrend at the price level of USD 5.
SEC warns Ripple investors
The Security Exchange Commission (SEC) lawsuit alleging that XRP is unregistered has undoubtedly caused huge harm to Ripple. Questions have surfaced about the SEC’s motives for the lawsuit, given that Ripple has been trading for more than seven years and no new information has emerged that could indicate a bad game. John E. Deaton, a cryptocurrency and blockchain expert, has reached out to Twitter to suggest that the SEC has been warned of the staggering losses it would incur investors by simply filing the lawsuit. Ripple price predictions remain bullish despite the warnings.
Some major exchanges have stopped trading XRP and some companies have even liquidated their XRP holdings. Deaton believes this to be one of the most significant cases in SEC history and with no strong support or evidence. The news may already have been in effect as Ripple’s price is on an uptrend and broke previous resistance levels.
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