After struggling to test resistance at $2.00, Ripple seems to be showing resilience lately, which means it’s time to issue this XRP price prediction. The altcoin has a market capitalization of around $43,401,394,157 and a 24-hour trading volume of $4,345,398,989 at the time of writing. This makes it the seventh-largest cryptocurrency by market capitalization after being toppled by the Binance Coin. It has a circulating supply of 46.15B XRPs and a maximum supply of 100,000,000,000 XRP.
XRP Price Prediction: Technical Analysis
Before we delve into making an XRP price prediction for 2021, we’ll go through some of the technical things that happened in 2020 to understand the trajectory of the coin. In 2020, the price of XRP was largely stable, but, of course, there were bullish trends that didn’t last long. In July of the same year, we witnessed a bullish trend that didn’t last long. However, in November, altcoin had a value of almost 0.7 USD, as shown in the chart below.
Since then, the XRP price has been oscillating between bullish and bearish trends, forcing us to use technical analysis to make a reliable XRP price prediction for June and 2021. So, what could be the reason?
Ripple, unlike Bitcoin, is mainly used by banks to provide a network for faster payment processing. The network, RippleNet, performs cross-border payments in real-time, making it the option of choice by most banks. Therefore, whenever a major bank agrees to use the network, the price of XRP responds by surging.
In August 2020, the price increase of XRP was largely driven by market sentiment after HDFC Bank Limited, the largest bank in India, embraced the RippleNet Network. That was later followed by the rally witnessed in November, when Ripple officially updated its website to confirm its partnership with the Bank of America.
Another significant development occurred in December. Coinbase has announced that it supports the Flare network’s Spark airdrop token. The news was good to the Ripple community because the airdrop provides smart contract functionality to XRP. Expectedly, the price of XRP rose after the news. The short-term rally was sustained because, like Coinbase, Binance has announced their support of the SparkAirdropProgram for XRP holders.
Since April 2021, the price of XRP has been on the increase, almost hitting the $2.0 mark on the 14th date, as indicated below. Then, the coin had maintained a bearish streak, which was characterized by strong reversals in both directions that lasted until the end of April when the price started to gain, though moderately.
On May 6, XRP almost touched its highest price of the month, falling slightly below the $1.7 mark.
The recent price swing in XRP could be explained by extended sell-offs of the coin caused by the ongoing legal tussle between the SEC and Ripple that started in December. Lately, Ripple CEO Brad Garlinghouse confirmed that the US lacks regulatory clarity on cryptocurrency, and this has an impact on XRP’s price.
XRP Price Prediction: Market Opinions
In making our XRP price prediction, we will focus on what authoritative forecasting sites have to say about the evolution of the XRP price in the coming months.
TradingBeasts believes that the price of XRP will close the month of June at around $1.2358530, entering the month of July within the range. At the time, the prediction site believes the minimum price will be $1.0579828, with the maximum price expected to oscillate to the $1.5558570 mark at the close of June.
By the end of the year, TradingBeasts expects that XRP will have an average price of $1.35074, with a minimum price of $1.14813 and a maximum of $1.14813.
Walletinvestor provides a 14 days price prediction for XRP as shown below:
For the remaining days until mid-month, they predict that the price will hit its highest mark at $0.843. The maximum price will be $0.988 and the minimum – 0.7045. Generally, based on the last 30 trading days, Walletinvestor shows that the altcoin is on a bearish mode.
As for the remaining part of the year, Walletinvestor anticipates that the price of XRP will close 2021 at around $1.3, with a high of around $1.6 and a low of around $1.0. The forecast is illustrated below:
From the 14-day forecast above, Gov.capital predicts that XRP price will hit its highest point on 8th at $0.9 and lowest on 12th at $0.3. By the close of two weeks, it will be trading at the $0.3 range after a minor correction.
Gov.capital’s long-term XRP price prediction shows that the coin will close the year at slightly above the $1.0 as shown below:
Cryptocurrency Experts and Influencers
Opinion on the trajectory of XRP is quite divided, largely because Ripple is facing a court case. However, from a technical perspective, influencers and opinion leaders in the cryptocurrency market are quite upbeat about the coin’s trajectory.
Crypto Candy, an active crypto influencer, believes that if XRP hits the $3.0 mark, it will be headed to the $10 mark. She tweeted this on May 25, meaning that she is very bullish on this altcoin and BTC.
Other influencers, such as Credible Crypto are more bullish, indicating that the price could soar to highs of $20-30.
At one time, veteran financial analyst-cum-trader, Peter Brandt was also very bullish on the prospects of XRP. Although he clarified that weekly charts are not credible to guide action, he foresees the price of XRP hitting an ATH.
Latest News and Happenings Concerning XRP
In December 2020, the SEC initiated a lawsuit against Ripple Labsalleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering. The bone of contention between the SEC and the Ripple is on whether XRP is security as advanced by the regulator or an open-source technology as articulated by Ripple.
Clearly, the outcome of the ruling will determine the future price movement of the altcoin. However, that will not mean that holder will lose. In October 2020, Ripple CEO Brad Garlinghouse indicated that they were willing to relocate their head office from the US. In April 2021, he was very optimistic that they would continue to operate even if they lost the court battle. Indicatively, the company may consider moving to a friendlier jurisdiction.
On May 4, the price of XRP plunged, although shortly after the SEC threatened to initiate legal action against holders of the coin for seeking to be enjoined in the suit. However, Ripple has already won the first battle after the regulator was denied access to the firm’s legal communications. The SEC intended to use the communications to nail the defense.
Currently, Ripple is planning an IPO after concluding its legal dispute with the SEC. Expectedly, the news will trigger the price of XRP to rise, as whales target to benefit from the announcement.
XRP Price Prediction: Verdict
Despite the challenges facing Ripple, all indications show that the company will surmount most of them – especially the legal aspect. Clearly, after winning the legal suit and the IPO, the price may rise phenomenally. As already stated, even without a win, Ripple can continue operating outside the US. Therefore, we are very bullish on this coin.
However, our XRP price prediction article is an informative one, which means that you have to do a thorough search and keep track of the currency to make the right decision.
Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto market dazed post flash crash
- Bitcoin price finds support against a combination of key price levels.
- Ethereum price returns inside the bear flag, creating mixed sentiment.
- XRP price is developing an insanely bullish reversal weekly candlestick.
Bitcoin price gets a big bounce off the $44,000 value area, moving more than $7,000 higher. Ethereum is now sandwiched between solid support and strong resistance. XRP price has one of the most potent and sought-after bullish reversal candlesticks forming on its chart: the hammer.
Bitcoin price retraces nearly all of Saturday’s flash-crash
Bitcoin price action has been a strong performer since the recent flash crash. Significant support for Bitcoin was found where the 61.8% Fibonacci retracement and top of the Ichimoku Cloud (Senkou Span A) share the $44,000 price level. The support was strong enough to rally Bitcoin above the 50% Fibonacci retracement at $48,000 and the Kijun-Sen at $49,300.
BTC/USDT Weekly Ichimoku Chart
However, the upside potential may be limited. There is significant resistance within the Ichimoku Kinko Hyo system on the daily chart. The daily Kijun-Sen and Senkou Span B share the $54,000 price range. Longs may take profit at $54,000, and short-sellers may open up new short positions on any weakness. A close at or above $55,100 would like to remove any further near-term bearish sentiment.
Ethereum price between a rock and a hard place
Ethereum price had a spectacular Saturday close on the daily chart, closing above the dominant interior trend line (black diagonal line). Then, on Sunday and Monday, Ethereum continues to press on higher with closes above the Tenkan-Sen and Kijun-Sen at $4,100. ETH has not returned inside the channel of the former bear flag but finds itself facing resistance against the top of the Cloud (Senkou Span A).
A close at or above $4,500 would put Ethereum price above the Cloud, but the Chikou Span would still be slightly below the candlesticks. However, the oscillators support a sustained breakout. So, if Ethereum does close to at least $4,500, there is enough momentum and space for it to move higher and get to a close that would position the Chikou Span above the candlesticks – to at least $4,725.
ETH/USDT Weekly Ichimoku Chart
From there, the $5,000 value are will likely be tested, and new all-time highs are likely soon after. However, any failure by Ethereum to successfully breakout above the Cloud could see a deeper retracement to test the bottom of the Cloud at Senkou Span B ($3,800).
XRP price weekly candlestick hints at a bullish reversal
XRP price action suffered some of the most bearish price action during Saturday’s flash crash. XRP dropped nearly 38% before finding massive support at the 50% Fibonacci retracement and 2021 Volume Point of control in the %0.65 value area. From there, it shot up higher, past the 38.2% Fibonacci retracement at $0.84 to settle just above that price level.
The resulting price action has created a bullish hammer candlestick pattern on the weekly chart. The positioning and timing of this pattern could not have been more fortuitous for XRP price. The hammer pattern will help confirm the likelihood of a bullish reversal with the Relatives Strength Index and Composite Index oscillators. Combining the bullish hammer, the Relative Strength Index between two support levels, and the Composite Index at a historical low gives XRP a very high probability of moving higher.
XRP/USDT Weekly Ichimoku Chart
Initial resistance will likely be Senkou Span B at $1.04. Given how long Senkou Span B has traded in a flat condition, if XRP can rally above, it will be a significant, bullish event.
On-Chain Data Indicates XRP Price Is “Suppressed” and Has Room to Grow
According to Santiment, XRP is still “suppressed” at its current price and, hence, has room to expand.
On-chain data from Santiment suggests that XRP remains “suppressed” at its present price and, therefore, has the potential to grow. Recent volatility in the crypto market caused short-term price extremes, pushing the XRP price to the brink of the low of $0.57.
In terms of on-chain analytics, Santiment’s ”strong and oversold” indicates that XRP is showing signs of having an ”undervalued” price in comparison to its fundamentals. XRP was marginally up at $0.83 as of press time.
📊 Our 'Strong and Oversold' screener indicates some assets are showing signs of having suppressed prices compared to their fundamentals. Our requirements for this list include high market cap, volume, and address activity. $BTC $XRP $HEX $SHIB $WBTC $LTC https://t.co/CUCuCsS1ju pic.twitter.com/ZjWFjqzy3R— Santiment (@santimentfeed) December 6, 2021
When the price of an asset has decreased abruptly and to a level below where its true value resides, it is said to be oversold. This usually happens as a result of overreaction in the market or panic selling. Assets that have witnessed large decreases over a short period are often considered to be oversold in this instance.
XRP began this year trading at $0.21 after a drastic drop to the low of $0.16 in December 2020 when the SEC announced its lawsuit against Ripple. According to the SEC lawsuit, Ripple began raising funds in 2013 by selling unregistered securities of digital assets known as XRP.
Since then, it has been a challenging road for the cross-border token as crypto exchanges have delisted the XRP token. Despite these setbacks, Ripple seems undeterred, highlighting the “significant growth and traction of ODL” in its Q3 report.
The year 2021 has seen significant partnerships as Ripple’s on-demand liquidity (ODL) solutions expanded into the Middle East. In November, Ripple announced its partnership with the Republic of Palau to explore the country’s first national digital currency using the XRPL. The $250 million “Creator Fund” was launched to rope in NFT creators to XRP Ledger, which may result in the onboarding of new users.
Investors await a positive outcome on the XRP price in the aftermath of the SEC lawsuit, which Ripple CEO Brad Garlinghouse states would likely conclude by next year.
80 Million XRP Transferred Within One Hour, Here’s What It Was
A large number of XRP coins were transferred from the project’s official wallet to exchange.
A series of large Ripple coin transactions have appeared on the blockchain prior to the cryptocurrency market recovery. The total value of transferred funds equals approximately $76 million.
Three transactions appeared on the blockchain 15 hours ago, right before the recovery on the crypto market began. At that time, XRP was trading at $0.80 without any significant movements noticed on the market.
Official account transaction
The first transaction of 40 million XRP has been made from the official Ripple account to an unknown wallet that now holds 30 million coins. The transacted coins were not sitting in the wallet for a long time and were almost immediately transferred to another anonymous wallet, which then sent funds to a centralized exchange.
Community members have assumed that Ripple used two unknown wallets to sell their holdings on the exchange without making a direct transaction to the exchange’s address.
1.8 million sell order
While the official account’s transaction was made with the help of two unknown wallets, the next transaction is less suspicious and more direct. The anonymous whale transferred 20 million coins to the Bitso exchange 15 hours ago and receive almost the same amount back only an hour later.
According to the fund’s movement, this person, for whatever reason, transferred 20 million to the centralized exchange, left 1.8 million coins in the exchange’s hot wallet and transferred 18.2 million coins back to his own wallet. The reason behind such unusual fund movement remains undisclosed.
The coins themselves have not reacted to large funds movements with high volatility and have remained in the same trading range. At press time, XRP trades at $0.81 with negative 0.7% 24-hour performance.