|

XRP Price Prediction: Ripple bulls anticipate 20% gains

  • XRP price sliced through the range low at $0.65 on June 29, indicating the resurgence of buyers.
  • After a minor pullback, Ripple might rally to tag the 70.5% Fibonacci retracement level at $0.783.
  • A breakdown of the support level at $0.581 will invalidate the bullish scenario.

XRP price has set up a higher low and two higher highs since bottoming on June 22. This move indicates the presence of buyers. While the recent local top might lead to a pullback, it will help the bulls band together, propelling Ripple to critical levels.

XRP price eyes higher lows before skyrocketing

XRP price has been on a slow downtrend since June 14 but set up an intermediate swing high at $0.783 on June 21 before the sell-off was exacerbated. This crash bottomed on June 22 at $0.509 and rallied 44%, setting up two swing highs, with the most recent one at $0.734.

Investors can expect Ripple to pull back to the immediate support level, which is the range low at $0.65. If the buyers manage to rescue the XRP price, it will kick-start a new leg-up. However, a failure might extend the correction to the demand barrier at $0.581 without affecting its upside potential.

The resulting upswing for XRP price is expected to set up a higher high at the 70.5% Fibonacci retracement level at $0.783, coinciding with the swing high formed on June 14.

This move would be a 20% rally from the range low.

XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

While a pullback is expected, a breakdown of the support level at $0.581 will indicate that the sellers are overwhelming the buyers. A brief dip below the said barrier will not affect the bullish thesis, but a failure to climb past it will invalidate the optimistic narrative.

In such a case, investors can expect XRP price to drop 12% to tag the demand barrier at $0.509.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Editor's Picks

Cardano Price Forecast: Weak momentum puts ADA recovery at risk

Cardano is trading below $0.222 on Thursday after failing to sustain gains above the 50-day Exponential Moving Average near $0.228 the previous day. Weakening derivatives metrics and fading bullish momentum continue to weigh on sentiment, while a break below the 100-day EMA could push ADA lower. Derivatives data shows a cautious outlook for Cardano.

Ripple and Stellar outlook: XRP and XLM recovery stalls below EMAs

Ripple and Stellar remain under pressure on Thursday as both struggle to sustain their recent recovery attempts. XRP trades below $1.36, while XLM slips beneath $0.183, as mixed derivatives metrics, weakening momentum indicators and heating market conditions suggest cautious market sentiment. Derivatives data shows weakening conditions for Ripple and Stellar.

Zcash Price Forecast: ZEC reclaims $1,300 as ETF inflow hits 30-day high

Zcash price hovers above $1,300 on Thursday, sustaining its 15% gains so far this week with three straight days of recovery. Institutional and retail appeal is returning, with over $15 million in inflows recorded on Wednesday and ZEC futures Open Interest rising to a 30-day high of $2.89 billion. The technical outlook for ZEC indicates an upside bias as recovery gains traction.

Bitcoin derivatives improve, but $87,000 sell wall looms
Bitcoin (BTC) showed signs of recovery on Wednesday as derivatives positioning improved, but sell risk grew between $86,500 and $87,500, where sell orders and leveraged liquidation clusters could limit further gains.
Bitcoin: Macroeconomic headwinds, cooling demand cap BTC gains
Bitcoin (BTC) extends losses this week, trading below $82,500 as of Friday as selling pressure continues. Weakening institutional demand supports this pullback as BTC spot Exchange-Traded Funds (ETFs) are on track to record a two-week withdrawal streak, reaching $146.19 million in net outflows through Thursday.