XRP Price Prediction: Ripple rally will die with $0.60 just in sight

  • XRP price made a quick run to the upside yesterday and took out a significant resistance level.
  • Today, Ripple price needs to make a new high and close above the weekly pivot to prove that the rally is sound.
  • Sellers will be on the lookout for levels where short-term buyers will want to take profit.

XRP price made a recovery yesterday after a few days of consequential losses. The $0.52 level that falls in line with the low of June 23 worked well for buyers as a target point to get in long and push the price back above $0.58.

XRP price is already out of breath

The favorable tailwind in global markets and the new attention from Jack Dorsey and Elon Musk lifting Bitcoin do not seem to support any further upside for the remittance coin.

On the upside, XRP price has a next profit target of $0.60, which falls in line with the weekly pivot. But price action is not even able to get there.

Instead of that, the daily candle starts to look like a bearish hammer, and that could spell a storm on the horizon for Ripple.

XRP/USD daily chart
XRP/USD daily chart

A rejection of the weekly pivot looks to be a possible outcome for today. Buyers will see this as a signal of weakness and start to take profit. This will be the queue for sellers to take over again if they have not already done so. 

Expect the price to run lower again toward $0.54, which aligns with the weekly S1 support level. If the price can not rebound off that, expect a dip lower again toward $0.52, where buyers came in yesterday. That will undoubtedly be broken, and buyers will get stopped out from their trades around $0.50-$0.48.

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

Shiba Inu may have lost its charm as SHIB remains stagnant

A brief technical and on-chain analysis on Shiba Inu price. Here, FXStreet's analysts evaluate where SHIB could be heading next as it remains consolidating.

More Shiba Inu News

Cardano price on the verge of a 40% breakout if ADA overcomes this barrier

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next as it seems bound to breakout.

More Cardano News

XRP traders cheer as Ripple secures on-demand liquidity implementation in $1.8 billion Filipino remittance corridor

Ripple taps into the $1.8 billion a year remittance market between Japan and the Philippines through its on-demand liquidity service.

More Ripple News

Dogecoin price remains bullish while DOGE targets $0.30

A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate where DOGE could be heading next as it looks ready to jump.

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