- Ripple price prediction expects a correction to $017.
- Strong support is found at the $0.215 mark.
- Strong resistance lies at the $0.26 mark.
The Ripple price prediction by Tibor Vrbovsky suggests that the cryptocurrency will drop towards the $0.17 after observing a bear flag pattern. The cryptocurrency currently rests at the $0.237 level.
The XRP price was observed at the $0.237 mark at the time of writing, after a 2-day long trip in the $0.23 to $0.24 range. On the 1D time frame, the asset appears to be accumulating before it can make any significant price moves.
The oscillator indicators show that the cryptocurrency is under a selling bias with two out of eleven oscillators in the selling range, while the rest stand neutral. The Moving Averages indicate a strong sell position for the XRPUSD pair as twelve out of seventeen MAs indicate a sell signal.
The Moving Average Convergence Divergence (MACD) line has moved below the signal line, while the histogram has started to build up in the red region on its scale. This is specifically for the weekly time frame, and the price is expected to continue bearish on this time frame.
Ripple’s midline for the Bollinger bands was broken below, and it now acts as the resistance. The cryptocurrency should see bears on this time frame next. The price volatility had increased by manifolds when the cryptocurrency’s price dropped from the $0.62 level towards the $0.23 mark.
The Relative Strength Index (RSI) rests near 43.93 on the weekly time frame, and this shows that the cryptocurrency is in the neutral zone. The technical indicator had been travelling in the overbought zone through most of November 2020, while it descended on the charts through December.
Ripple price prediction: What’s to expect?
The cryptocurrency has been descending from the third week of December 2020, and the price observed a major red candle towards the downside on the 23rd of December. The descent continued until the XRP price reached an ascending parallel channel, which indicates a possible bear flag per this Ripple price prediction by the Trading View analyst, Tibor Vrbovsky.
The bear flag is a bearish indicator where the price entered an ascending channel after a continued descent, and the price then breaks towards the downside from the up-channel and moves to lower supports.
This Ripple price prediction suggests that the cryptocurrency will fall towards the $0.17 mark after it breaks below this up-channel. Looking at the RSI on this chart, we can see that it has flatlined near the oversold region, though it still stands in the neutral zone near 33.5. The Moving Average Convergence Divergence (MACD) technical indicator also depicts two strong selling waves, out of which one is likely to come into play, per the analyst.
The cryptocurrency’s price has dropped by over 70% under one month, which is a very sharp drop for Ripple XRP. This downtrend occurred while majority of the market was under a price ascension as Bitcoin BTC entered the new year to reach its new all-time high above the $34500 mark.
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