XRP Price Prediction: Ripple trading sluggish but primed for a 135% bull run

TL;DR Breakdown

• XRP price prediction highlights Ripple’s price movement past the $1.5 mark.
• At present, Ripple is trading on top of a symmetrical triangle channel.
• Ripple recently turned the $1.33 to $1.48 critical supply area into a demand zone.
• If Ripple closes the day at its current $1.6 price region, the bullish outlook will gain more strength.

Ripple’s bullish momentum appears to be gaining momentum despite growing concern about the value depreciation of the number one cryptocurrency, Bitcoin.

XRP Price Prediction: General price overview

At the time of writing, Ripple, the 7^th largest cryptocurrency according to CoinMarketCap.com, is exchanging hands at around $1.6 with a daily trading volume of roughly $12 billion. The start of trading today saw Ripple register an 8 percent price surge to hit a market valuation of about $54 billion. At present, Ripple’s price is still consolidating between the $1.2 and $1.7 price range. While the weekend market crash mostly affected Ethereum and Bitcoin, Ripple managed to emerge as a resilient crypto asset as it recorded minimal price declines. Ripple embraced support at the $1.3 price range.

Despite its resilience, the weekend loss in the market sabotaged Ripple’s intended surge past the $1.6 price range. This was witnessed when the crypto kicked off a price correction after facing resistance at $1.6. Now that we are in a new week, the Ripple price movement appears bullish. This is evident with the ongoing campaign by XRP holders to have the US Securities and Exchange Commission strike out the court case against Ripple. According to Thomas Hodge, the founder of Crypto and Policy, more than 30,000 crypto enthusiasts have signed a petition seeking SEC to drop the court case.

XRP price movement in the past 24-hours

According to Ripple’s 24-hour price movement, it seems the remittance token is preparing for a massive bull run towards the $3 region. As normalcy resumes in the crypto market, Ripple is trading above the $1.5 resistance barrier. At present, the cross-border coin is hovering above the symmetrical triangle. Although this is a good thing, the symmetrical triangle has both bullish and bearish signals. The triangle is usually formed by 2 trend lines that link extreme peaks and dips. Usually, the crypto asset tends to consolidate whenever the trend lines meet. The bulls come into the picture whenever the price moves past the upper trend line. At present, Ripple’s bullish narrative is being supported by the symmetrical triangle and the upsurge in trade volume.

XRP 4-hour chart

In the event Ripple moves past the symmetrical channel’s upper trend line on its 4-hour chart, the crypto coin could witness a massive 135 percent upsurge to register a new ATH at around $3. In the meantime, Ripple’s RSI indicator supports the bullish narrative by hovering above the 50 line section. As for the MACD technical indicator, the blue line seems to be moving sideways above the Signal line, indicating Ripple’s uptick might last longer. If Ripple manages to have a decisive close above the seller congestion area at $1.6, a match towards the $2.1 mark will be apparent.

Conclusion

Despite the positive projections, Ripple appears to be facing a lot of resistance in its quest to settle above the $1.6 price region. As the crypto market continues to recover, investors could take advantage of the current situation by accumulating their XRP holdings.

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.

Source: https://www.cryptopolitan.com/xrp-price-prediction-2021-05-18/