Ripple Price Prediction: Why $0.385 Area Is Critical for XRP Trend in the Coming Week

2 December 2022, 15:00 GMT+0000
Updated by Geraint Price
2 December 2022, 15:57 GMT+0000
In Brief
  • XRP is following an ascending support line.
  • It is trading inside support at $0.385.
  • XRP could be trading inside an ascending parallel channel.
  • promo

The XRP price is trading inside a short-term bullish pattern and long-term horizontal support area. However, the direction of the trend still needs to be determined.

XRP is a digital asset which is the native token of RippleNet, a payments network used by financial institutions. The XRP price has increased above an ascending support line since June 18. More recently, it bounced above it twice, on Nov. 9 and 14., respectively (green icon). Both bounces created long lower wicks and bullish candlesticks. 

Currently, the XRP coin price is trading inside a horizontal support area with an average price of $0.385. It has decreased over the past 24 hours, falling inside the support area. 

The XRP price will be considered bearish if a daily close below $0.385 is reached. This would indicate that the bear market is still intact. 

Conversely, a bounce at the $0.385 area would likely lead to a short-term upward movement towards $0.47, reaching the current descending resistance line.

/Related

More Articles
XRP Price Prediction Daily
XRP/USDT Daily Chart. Source: TradingView

XRP Price Prediction for the Week Ahead

The price movement from the six-hour time frame is more bullish. It shows that XRP has followed an ascending support line since Nov. 14 and is possibly trading inside an ascending triangle. The ascending triangle is considered a bullish pattern, meaning that it is expected to lead to breakouts most of the time.

Projecting the triangle’s height to the breakout level would lead to a high near $0.48, coinciding with the descending resistance line.

On the other hand, a breakdown from the support line would invalidate the bullish Ripple (XRP) price prediction. In that case, a fall toward the 0.5-0.618 Fib retracement support area at $0.355-$0.367 would be expected.

XRP Price Short-Term
XRP/USDT Six-Hour Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and informationbut it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.