Our Ripple price prediction is still bearish as the price has failed to generate any reversal signal. XRP dipped to $0.34 on 12th May 2022 as the Bitcoin price tagged $24,500. This was followed by a relief rally that lowered the price to $0.47 but was rejected from that level. At the time of writing, Ripple XRP is trading at $0.39 and appears to be in a bearish accumulation.
Since our last update on Ripple crypto, not much has changed as the price is still trading in the same range. However, as the Bitcoin price is still trading below $30,000 level, many analysts believe that the worst is yet to come for XRP.
The ongoing SEC lawsuit has shattered the dreams of most holders as the Ripple price couldn’t do much in last year’s bull run. In fact, the coin is still 88% down from its 2018 all-time high of $3.40. Nevertheless, many holders still anticipate a bullish price action once the SEC vs Ripple lawsuit is over.
According to the Ripple news today, the company is exploring the prospects of an Initial Public Offering. However, as per CEO Brad Garlinghouse, the company is waiting for the ongoing lawsuit from U.S Securities and Exchange Commission to be over.
On Thursday, Bitcoin price dipped to $27,000 in the first significant downside move since hitting the lows of $24,500. However, the prices immediately recovered above $29,000 as the stock markets opened. Technical analysis of the XRP crypto price chart suggests that it is stuck within the $0.37-0.46 price range.
Due to the prevailing risk-off approach in the market, XRP can retest its 12th May low of $0.33. Any daily close below this level might trigger another bearish move. $0.22 could be a valid Ripple price prediction in such an extremely bearish scenario. This is because no major support exists before the $0.22-026 region. Any bullish price action is unlikely until the price reclaims the $0.66 level.
This post was last modified on %s = human-readable time difference 17:20