- Summary:
- In this article, we explain why the Ripple price could soon soar based on chart pattern arrangements. What next for the XRP price?
The Ripple price has stagnated. XRP is trading at $1.3761, which is in the same range it has been in the past few sessions. The price is about 61% above the lowest level last week while its market cap has surged to more than $62 billion making it the fourth biggest cryptocurrency after Bitcoin, Ethereum, and Binance Coin.
What happened: Ripple and other cryptocurrencies were expected to have some volatility on Wednesday when the Fed published its interest rate decision. That did not happen as most of them remained in a tight range after the bank left interest rates and quantitative easing policies unchanged. The bank also hinted that it was not concerned about inflation even as it remains above its highest level in almost eight years.
The Ripple price is also reacting mildly to an interview by Chris Larsen, the chairman of Ripple Labs. In a Bloomberg interview, he lamented that the Securities and Exchange Commission (SEC) was singling the company. He reiterated that XRP was a digital currency just like Bitcoin and Ether. So, what next for Ripple price?
Ripple price forecast
Turning to the four-hour chart, we first see that the XRP price has formed a bullish flag pattern that is shown in black. In technical analysis, this pattern is usually a bullish signal. It is also being supported by the 25-day and 50-day exponential moving average (EMA) and is at the 38.2% Fibonacci retracement level. It is also at the first support of the Andrews pitchfork tool.
Therefore, in my view, XRP price will likely break out higher as bulls target the 23.6% retracement at $1.6028, which is also at the median of the pitchfork. This price is 15.6% above the current level. This prediction will be invalidated if the price manages to move below $1.2815.
XRP price chart
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