XRP Price Prediction: Ripple forecasts for aggressive traders only
- XRP price maintains its short-term uptrend targeting $0.44.
- Ripple is at risk of a 15% downswing based on recent market behavior.
- Risk management should be applied around the key levels mentioned below.
XRP price shows back-and-forth price action near the $0.40 zone. The bearish influence on the day has created potential for a much larger decline. Still, the bulls may have one more swing up their sleeves before giving in.
XRP price in a trade-by-trade environment
XRP price is down 2% on the day as the bears have forged a breach of the 8-Day Exponential Moving Average (EMA). Still, the sell-off is occurring at a previous consolidation suggesting bears’ efforts may get thwarted, so traders may want to adopt a neutral bias, as the overall trend has been upward since the start of the year.
XRP price currently auctions at $0.405. The congestion near the $0.40 zone is a sure sign that the rally, which started on January 1, could be coming to an end. For instance, the weekly gains remain capped at 1%. Additionally, while the price ascends, the volume indicator shows fewer transactions in the previous week which would suggest that the buyers’ underlying strength is waning.
Nonetheless, liquidity levels could still get breached to the upside. The $0.44 zone has remained untagged since the November 7 sell-off that sent the XRP price into the $0.30 level. There is likely a significant amount of liquidity in this region which lies within a 10% radius of XRP’s current market value.
XRP/USDT 1-Day Chart
On the contrary, the breach of the 8-day EMA may become the catalyst for larger downswings. The next bearish target would be the 21-day Simple Moving Average at $0.38. If the second barrier fails to hold support, then a 50% retracement of the newfound uptrend could occur. Landing zones would be between the $0.34 and $0.35 price level, resulting in up to a 15% decline. Invalidation of the downswing idea would come from a tag of the liquidity above this week’s swing high near $0.43.