|

XRP Price Prediction: Ripple primed for a 20% breakout

  • XRP price is knocking on a multi-year declining trend line, hinting an explosive breakout if its breached.
  • Investors can expect a 20% upswing to tag the 200-week SMA at $0.493.
  • Invalidation of the bullish thesis will occur if Ripple slides below the EMA confluence at $0.374.

XRP price shows that it is approaching a crucial resistance level, a breakout above this level will trigger an explosive move. Ripple bulls need to be extremely cautious as to not get trapped if there is a sudden sell-off delaying the breakout.

XRP price at an important level

XRP price has been stuck in a downtrend, producing six lower highs since November 2021. A trend line connecting these swing points reveals a declining resistance level. Although Ripple buls have produced a daily candlestick close above this level, it is not confirmed yet.

A swift move above this level followed by a retest that holds will confirm that the bulls are here to stay. Looking at the recent price action confirms that there is interest in the remittance token as it has sliced through the 30-day, 50-day and 100-day Exponential Moving Averages (EMAs). Additionally, a retest of these EMAs confirmed there is a buyer interest.

Going forward, a breakout of from this mult-year declining trend line will allow XRP price to rally 20% to tag the next hurdle which is the 200-day Simple Moving Average (SMA) at $0.493. Beyond this level, Ripple bulls could further ascend to retest the $0.596, bringing the total rally to 45%.

XRP/USDT 1-day chart

XRP/USDT 1-day chart

While things are looking good, XRP price could get rejected at the declining trend line, delaying the breakout. In such a case, Ripple will find support at roughly $0.374, which is the confluence of 30-day, 50-day and 100-day EMAs.

However, a daily candlestick close that flips the aforementioned level into a resistance barrier will invalidate the bullish thesis. In such a case, XRP price could slide 11% and tag the $0.332 support level.

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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano (ADA) price trades in the red, slipping below $0.37 on Thursday after correcting more than 7% so far this week. The ongoing pullback could deepen further as ADA’s social dominance declines and dormant wallet activity rises, suggesting bearish sentiment among traders.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.