- Summary:
- Ripple price predition ahead of the Federal Reserve decision. The price of Ripple looks vulnerable with the 0.8 level acting as key support level.
Ripple has a hard time bouncing from the recent lows. The bearish pressure mounts on the cryptocurrency as it cannot break the series of lower highs while finding support at a horizontal area. Typically, such market behavior belongs to a descending triangle pattern, and a break lower should trigger more weakness to a new low.
The Federal Reserve of the United States will likely trigger volatility beyond the traditional currency market. The Fed’s meeting is highly anticipated by the currency traders as market participants focus on the Fed’s possibly signaling the start of its asset-purchases tapering. If that is the case, the US dollar is poised to rally, stocks should have a hard time advancing, and the rally may spill over to other markets such as the cryptocurrency market.
Bitcoin leads the price action in the cryptocurrency market but yesterday’s break above the $40k level was quickly reversed. If Bitcoin is unable to recover further, this should trigger some more weakness in the price of ripple.
Ripple Price Technical Analysis
Ripple looks vulnerable here. A move below 0.80 opens the gates for more weakness, so bears may want to wait for a daily close below before going short. A stop at the recent lower high is mandatory, as well as a risk-reward ratio of 1:2 to set the take profit.
Ripple Price Prediction
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