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Ripple Price (XRP) Could Breakdown Below $0.2480

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  • Ripple price is struggling to gain momentum above the $0.2600 resistance against the US dollar.
  • The price is currently declining and it could continue to move down below $0.2520.
  • There is a connecting bearish trend line forming with resistance near $0.2545 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The price could decline sharply below the $0.2500 and $0.2480 support levels in the near term.

Ripple price is showing bearish signs below $0.2500 against the US Dollar, similar to bitcoin. XRP price is struggling to climb and it could accelerate losses below $0.2480.

Ripple Price Analysis

This week, XRP price made another attempt to climb above the $0.2650 resistance against the US Dollar. The price failed to remain in the positive zone above $0.2650 and later started a fresh decline. The bulls failed to keep the price above the $0.2600 level and the 100 hourly simple moving average. Ripple is struggling and is trading well below the $0.2580 level.

The recent decline was such that the price even broke the $0.2550 support. A swing low was formed near $0.2510 and the price is currently correcting higher. It broke the 23.6% Fib retracement level

of the recent decline from the $0.2636 high to $0.2511 low. However, the upward move was capped by the $0.2560 level. Moreover, there is a connecting bearish trend line forming with resistance near $0.2545 on the hourly chart of the XRP/USD pair.

If there is an upside break above the trend line, the price could test the $0.2580 resistance. Additionally, the 50% Fib retracement level of the recent decline from the $0.2636 high to $0.2511 low is also near the $0.2580 level. If the price climbs above $0.2580 level, there are chances of it revisiting the main $0.2650 resistance area in the near term.

Conversely, if the price continues to decline, it could struggle to stay above the $0.2510 and $0.2500 support levels. The main support is now near the $0.2480 level. If the price slides further, there is a risk of a breakdown below the $0.2450 level.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is showing a lot of bearish signs and is trading well below the $0.2580 level. As long as the price is trading below $0.2580, there are chances of more losses. On the upside, the bulls might continue to face a strong selling interest near the $0.2650 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now moving well below the 50 level. Source: newsbtc

Ripple

Latest News and Top Headline for Ripple XRP

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  • Ripple seals partnership deal with Bitkub of Thailand
  • Ripple XRP Price Analysis – XRP price fluctuating, price recovery denied

The San-Francisco based cross-border payment company Ripple has closed several partnerships in its bid to serve as a major solution to cross-border payment issues in partnership with banks and financial institutions globally. Recently, it was revealed that Ripple has sealed yet another partnership deal with a prominent Thailand exchange, Bitkub to create ways for better XRP transactions across borders.

XRP (XRP) Price Today – XRP / USD

#NamePrice
3XRP(XRP)$0.2333

Speaking on the Partnership in a recent interview, the CEO of Bitkub, Topp Jirayut, affirmed the partnership between both companies. Notably, Ripple’s On-Demand Liquidity (ODL) mainly necessitates that the cryptocurrency exchange BitKub to accept fiat currencies from banks and financial institutions. The same amount received by any financial institutions will be sent to the corresponding exchange in XRP. after that, the money in XRP will be exchanged back to fiat currency.

Going further, Jiraynut went thus: “Ripple is one of the key players for banks to realize significant benefits. Ripple is to establish an institutional, cross-border payment with Ripple XRP, an open source for access and participation in the public sector of XRP cash flow – a stand-alone digital currency used to facilitate transactions on the Ripple network.”

While restating the

goal of the exchange, he stated, “We are on a mission of humanizing blockchain experience, where people will inherently utilize cryptocurrency as a transaction protocol on the back end to receive, as well as transfer money, at a fraction of the cost across the globe. Within early next year, global money remittance at a much cheaper rate would be feasible.”

Jirayut also hinted that the Bitkub will join the RippleNet program. With the chains of the partnership up Ripple’s sleeve, not all banks and financial institutions in partnership with Ripple pledged to utilize its digital asset XRP. Alongside the recent partnership with Bitkub, Ripple is in partnership with other exchanges like Bittrex, Bitrue, Bitstamp, and Bitso.

Ripple XRP Price Analysis – XRP price fluctuating, price recovery denied

In the last 24 hours, Ripple XRP bulls have attempted resistance at the $0.24 level but were denied. Ripple XRP found support at $0.23, in the first attempt, the XRP bulls were rejected but XRP price declined to the low of $0.22. if XRP bulls break the $0.24 resistance level, Ripple XRP will increase and attain the $0.30 and $0.31 price levels.

XRP Price Prediction – Ripple XRP Price Prediction

However, Ripple XRP price is unstable below the resistance but above the $0.23 support. Sadly, if the bulls break the $0.23 support level, the XRP price will decline to a low of $0.22. Moreover, a break of $0.24 will indicate the continuation of an uptrend.

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Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

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The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price

action is primarily dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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Ripple

Analysts Expect Ripple’s XRP to Surge to $0.30: Here’s Why

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on

The entire crypto market has been on a tear over the past week, gaining dozens of percent. But altcoins like XRP, especially, have done rather well. In fact, the third-largest cryptocurrency over the past week gained over 15%, per data from Coin360.

Although this price surge has brought XRP to only $0.24, which means that it is still down by more than 93% from its all-time high above $3.00, analysts say this latest uptrend is a precursor to a larger move to the upside.

Third-Largest Crypto Ready to Trend Higher, Analysts Suggest

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

XRP’s Surge Dependent on Bitcoin

While XRP is preparing to break higher as shown in the chart above, its price action is primarily

dependent on that of BTC; if the leading cryptocurrency doesn’t rally, the altcoin won’t either.

But, fortunately for bulls of XRP, technicals and fundamentals suggest that Bitcoin will soon gain strength.

The current monthly Heiken-Ashi candle for January is printing a green Doji pattern, which would suggest that the long-term Bitcoin price trend is turning positive and that there is an imminent macro reversal on the horizon.

Below is a chart from NewsBTC, showing every time the Heiken Ashi candles flipped from red to green on a monthly basis for BTC. The chart shows that green monthly Heiken Ashi candles have almost always resulted in parabolic surges that brought BTC thousands of percent higher than where it started.

Per a recent report from Glassnode, a crypto and blockchain analytics firm, the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

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