Ripple Price Prediction: XRP to retest $0.44 before the uptrend resumes

  • Ripple price is contained inside a descending triangle pattern on the daily chart.
  • The digital asset is on its way towards the triangle's x-axis at $0.44.

Ripple had a significant pullback after the SPARK airdrop ended on December 12, but managed to recover promptly. Now that the rest of the cryptocurrency market seems to be in consolidation mode, XRP bears are targeting $0.44.

Ripple price faces short-term correction

XRP price action has formed a descending triangle pattern on the daily chart. The third-largest cryptocurrency by market capitalization was recently rejected from the triangle's hypotenuse, indicating that is bound for a correction towards the underlying support at $0.44.

The 50-day SMA coincides with the triangle's x-axis, which further strengthens this support barrier.

If the bulls can indeed defend the $0.44 level, Ripple price will likely rebound towards the descending trendline at $0.55. A breakout above this hurdle can push XRP to a high of $0.70.

xrp price

XRP/USD daily chart

It is important to note that even though large XRP holders sold off their tokens following the SPARK airdrop to take advantage of the upward price action, some of them appear to be reentering the market. Most importantly, the number of whales holding 10,000,000 XRP or more, worth roughly $5,200,000, continues making a series of higher highs.

Such a rising demand for this cryptocurrency among institutional investors adds credence to the bullish outlook

xrp price

XRP Holders Distribution chart

Regardless, investors must pay close attention to the $0.44 support level. A breakdown below this demand wall can quickly drive Ripple price towards $0.30.

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

Nightmares repeat as BTC flash crashes

Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC. Ethereum price dropped only $270 and is in recovery mode. Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.

More Cryptocurrencies News

Polygon sets sights on new all-time high despite recent flash crash

MATIC price shows a massive spike in buying pressure that has undone the recent crash. A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287. A breakdown of the support barrier at $0.872 will invalidate this uptrend.

More Polygon News

Ripple struggles to break through stiff resistance

XRP price seems to have suffered from the sell-off caused by Elon Musk's announcement that Tesla stopped accepting cryptocurrency payments. XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

More Ripple News

Tesla ditches Bitcoin as payment but may accept Dogecoin instead

Dogecoin price plunged by over 25% in the past 24 hours, reaching a low of $0.38. DOGE fell in tandem with the rest of the crypto market following Elon Musk's announcement that Tesla is suspending vehicle purchases using Bitcoin. The meme-coin could be awaiting a recovery if Tesla decides to accept DOGE as payment instead. 

More Dogecoin News


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