Ripple Price Prediction: XRP on the cusp of a massive price breakout


  • XRP is currently trading at $0.2495 after successfully defending the lower boundary of a daily symmetrical triangle pattern.
  • Only one critical resistance level separates XRP from climbing towards $0.30.

It seems that XRP is finally showing some bullish signs after months of sideways trading. In the past week, the digital asset lost close to $1 billion in market capitalization but has already recovered around $400 million in the past 24 hours. 

XRP is on the verge of a massive breakout

XRP formed a symmetrical triangle that is now extremely close to a breakout. The upper boundary of the pattern has acted as a resistance point several times in the past, on August 18, September 2, and more recently on October 13.

XRP/USD 12-hour chart

xrp price

The last rejection on October 13 sent XRP down to the lower boundary after slipping below all three SMAs. However, bulls managed to defend this support level for seven days in a row before finally rebounding and re-conquering the 50-SMA and the 100-SMA.

Additionally, the MACD is also on the verge of a bull cross, the first since October 4, which pushed XRP by more than 11% within the next week. The most critical resistance level is established at $0.252, which is the upper boundary of the symmetrical triangle and the 200-SMA.

A breakout above this point can most likely drive XRP towards $0.30 as there are no other significant resistance levels on the way up. The RSI is not overextended and will not likely pose any threat for the bulls well until the price reaches $0.30. 

XRP/USD 4-hour chart

xrp price

At the same time, the digital asset could be facing another rejection from the upper boundary of the symmetrical triangle like the past three times. On the 4-hour chart, bulls are trying to close above the 50-SMA and the 100-SMA, but they struggle. 

Rejection from both SMAs at $0.248 can drive the price of XRP down to the 200-SMA at $0.244. However, more importantly, if the bulls can’t close above the critical resistance level at $0.252, another rejection is likely to push the digital asset down to the lower boundary at $0.242 again.  

Critical price points for XRP

The most important pattern for XRP is the symmetrical triangle which is close to a breakout. A breakout above the crucial resistance level at $0.252 can easily drive the digital asset towards the psychological level of $0.30.

On the other hand, bears still have a chance of coming back after another rejection. If bulls fail to close above $0.248, XRP can slip towards $0.244. Failure to climb above $0.252 would most likely push XRP down to $0.242.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC set to retest $56,000

Bitcoin price is heading lower following a break below a critical support trend line. The leading cryptocurrency is now exposed to a downside target of $56,568. The BTC IOMAP model suggests that the bellwether cryptocurrency is unlikely to drop below $56,000.

More Bitcoin news

Chainlink price faces minor sell-off before resuming uptrend

Chainlink price is witnessing its uptrend retreat following a technical signal that indicates the token has reached its local top. LINK is headed lower to retest critical support levels as the bears target $28.61 next. The token may fall toward the lower boundary of ...

More ChainLink news

SafeMoon price prepares to escape from prevailing downtrend with 60% ascent

SafeMoon has been locked in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While it's trapped in the prevailing consolidation chart pattern, an escape above $0.00000288 could spell trouble for the bears.

More SafeMoon news

XRP price on the cusp of massive decline if this critical support level fails to hold

XRP price is trapped within a recent downtrend as the momentum has flipped to the downside. Ripple lagged behind while other cryptocurrencies, including Bitcoin and Ethereum, recently witnessed rallies reaching new all-time highs. 

More Ripple news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP