TL; DR breakdown
- The XRP price prediction underscores Ripple’s 19.5 percent price hike following the appearance of the SEC ruling.
- XRP could see a significant surge in price as a technical pattern matures on the 12-hour chart.
- XRP holders apply to join the ongoing SEC lawsuit against the crypto asset as a third party defendant.
Ripple XRP is a well known asset in the crypto space and is among the pioneering crypto assets in the market. And as such, XRP was one of the few crypto tokens that managed to bounce back from last week’s market slump. Despite a correction towards the $ 0.45 region, the cross-border digital currency was able to build strong support.
XRP Price Prediction: General Price Overview
After last week’s price drop, Ripple managed to see an instant price rally pushing the crypto coin above 2 primary resistance levels in the $ 0.46 and $ 0.51 range. That price move caused Ripple to trade hands at a weekly high of around $ 0.533, but a quick correction followed. This forced the Ripple bulls to look for support in the $ 0.44 area.
Meanwhile, XRP is currently trading at around $ 0.454 amid a renewed rally. Currently, Ripple’s immediate downturn is protected by the 50 and 100 Simple Moving Average (SMA) on the 4-hour chart.
On the flip side, investors are hoping that Ripple will break the $ 0.5 resistance level in the ongoing price rally to kick off the $ 0.6 campaign.
Ripple price movement over the past 24 hours
Ripple has seen mostly sideways price movements in the past few hours as the coin is now showing signs of another bull run. Based on today’s trading activity, Ripple saw a 2.7 percent rebound when the markets opened and is now trading at a region of $ 0.454. Although the current price is negative 1.39 percent in relation to the price rally, the current price is above the 9- and 21-day moving averages (MA).
According to the 24-hour chart, Ripple is still struggling to get above the $ 0.56 region as previous efforts have been unsuccessful. Despite recent attempts and failures, Ripple is still making efforts to break the channel’s upper limit.
XRP 4 hour chart
A double bottom pattern is forming on the 4 hour chart and it is almost due. The pattern indicates a very bullish signal is imminent, and it usually comes to the fore when the price of a crypto asset drops to the support level twice. In order for the pattern to send a bullish signal, the two declines must be separated by a sharp spike.
When Ripple moved towards the support line for the second time, the downtrend lost momentum, according to the 4-hour chart. This was made possible by the cops who confidently rushed to the rescue of their favorite coin.
Such raised floor patterns communicate precise breakout points. They are calculated from the neckline to the bottom line. Traders can expect a bull run if price breaks the midline. In the case of Ripple, traders should expect a 20 percent price hike that will likely propel it towards the $ 0.6 mark.
Now, with the Ripple owners coming together to file a motion against the SEC, they seem more united than ever. Amid the current legal turmoil, XRP holders are not going to let their favorite coin go under, and the only way to prove their point is to make sure Ripple is causing waves in the market and rising to the top.
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