Ripple Price Prediction: XRP shows convincing setup for a rally towards $0.5

  • XRP price seems to have formed an ascending triangle on the weekly chart.
  • If Ripple's native token manages to flip $0.31 as support, it could target $0.5.

After closing the previous five days in positive territory and testing its highest level since mid-August at $0.3085, XRP staged a technical correction on November 18. The bearish momentum saw it lose more than 6% in value, dropping to a low of $0.2832. 

$0.31 aligns as a key hurdle for XRP

XRP seems to have formed an ascending triangle on the weekly chart, with the trend line coming from early March when the price hit a low of $0.10. On the upside, the rebound met stiff resistance in late-July and early-August around $0.31, which caused Ripple to retreat.

Ascending triangles are usually considered as continuation patterns and a decisive break beyond $0.31 could bring in more buyers and provide a boost to XRP. Using the widest part of the triangle, the target on the upside could be set at $0.5, which coincides with a 60% gain.

XRP/USD 1-week chart

Meanwhile, the recent spike seen in network activity reinforces the expectation for a breakout. The chart below shows that investors appear to be re-entering the market and believing in XRP's upside potential. In the past, a rising network growth has led to rising prices.

Now, a similar price action could be about to take place if this cryptocurrency manages to turn the $0.31 resistance barrier into support. 

Ripple network growth chart

It is worth mentioning that the most recent rejection at $0.31 could force XRP price to extend its slide to $0.27, where the ascending trend line is located. If this support manages to hold, the ascending triangle will remain intact and the bullish outlook will also prevail. However, a weekly close below this support level could be seen as a discouraging development and attract more sellers.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP Price Forecast: Ripple could be on the verge of a breakout to $0.40

After losing more than 60% of its value in December 2020, XRP has been trading sideways without much action throughout 2021. The SEC has sued Ripple alleging that it conducted illegal sales of XRP which they consider a security.

More Ripple News

Bitcoin price shows ambiguity as a 30% move is underway according to technicals

Bitcoin has been trading inside a tight range after establishing a new all-time high at $41,950. The digital asset plummeted down to $30,420 and then formed a lower high at $40,100 followed by what seems to be a higher low at $33,850. 

More Bitcoin News

XLM Price Prediction: Stellar awaits a massive breakout but remains inside a no-trade zone

XLM has continued to trade sideways since we last reported about it. The digital asset remains locked inside a tightening range which will eventually burst. Let’s analyze some of the most important indicators to understand the most likely scenario.

More Stellar Lumens News

Ethereum Price Analysis: ETH bulls facing an uphill task inside short-term triangle

ETH/USD steps back from short-term resistance while declining to $1,256 during early Tuesday. In addition to easing from the immediate triangle’s upper line, Ethereum also drops from a three day high by press time. Monthly top, one-week-old ascending trend line favor bulls.

More Ethereum News


Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast