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.
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.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and 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.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.