Cryptocurrencies

Ripple Price Prediction: A Breakout is Imminent

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Written By: Faith Maina
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    Summary:
  • Ripple price has been range-bound since Monday. While it is lagging behind its peers, a breakout is likely in the short term.

Ripple price has been range-bound since the beginning of the week; recording subtle gains compared to its peers. Bitcoin, the leading crypto that tends to set the trend for altcoins, has rebounded by 8.29% since dropping below the $60,000 mark on Monday.

During the same time frame, altcoins such as Ethereum and Litecoin have surged by 4.91% and 4.77% respectively. In comparison, XRP’s rebound has been lesser at 3.60%. Unlike the aforementioned cryptocurrencies, Ripple is significantly lower than its October’s high of $1.2295. Nonetheless, the altcoin is in good shape for a breakout.  

Ripple price prediction

XRP is range-bound for the third consecutive session. The upper and lower borders of the horizontal channel are at 1.1055 and 1.0615 respectively.

At the time of writing, Ripple price was up by 2.65% at 1.1043. At its current level, it is hovering around the aforementioned channel’s upper border. On a two-hour chart, it is trading along the upper Bollinger band.

Based on both the technicals and fundamentals, I am bullish on the altcoin and expect it to breakout in the short term. It will likely hover around the current resistance level of 1.1055 as the bulls gather enough momentum to push it to the upper resistance level of 1.1360.

Past that level, the next target will be at 1.1550. However, this thesis will be invalidated by a move below the horizontal channel’s lower border of 1.0615.

Ripple price

This post was last modified on Oct 20, 2021, 07:01 BST 07:01

Written By: Faith Maina

Faith Maina is a financial analyst and economist. She holds a Bachelor’s Degree in Economics and is underway in her Master’s degree course. She has an expansive understanding of global markets and their drivers. Her specialities are currencies, crypto, commodities, and equities. She lives in Nairobi, Kenya with her husband and son.

Published by
Written By: Faith Maina