Ripple The price of XRP, the native token of the ecosystem, is up 74% since its recent high of $0.559. XRP price has been in a descending triangle for the past hour and this pattern is expected to be resolved soon. According to theoretical forecasting techniques, the price will decrease by 15% after the model is solved. Despite this outlook, the long-term outlook remains positive.
The midpoint is located around $0.45, with the bears likely to face significant resistance at this level. After passing this level, XRP price possibly 5% to 6%.
Koinfinans.com As we reported, resolution of the ongoing legal dispute between Ripple and the SEC, which first opened in December 2020, is also a matter of time, according to many. It will be interesting to see if there are any drops because it’s a good time to buy.
Between $0.381 and $0.439, a daily or one-day demand zone could emerge. On the one-hour timeframe, the descending triangle places the XRP target near $0.381, which is a crucial turning point as mentioned earlier.
It will be quite interesting to see where XRP might go if the descending triangle is broken due to demand. In the second week of May, prices in the demand zone began to form. The price accumulation around $0.40 should be followed closely. Additionally, on the daily time scale, FVG can be observed to have peaked at a candle at $0.43 on September 21.
bitcoin priceWaiting for the price to cross $17,600 and recover above this level creates an extremely bearish scenario for XRP, Bitcoin and altcoins if prices rise above the daily demand zone assuming good market conditions.
In this case, a recovery starting from the daily demand zone is expected to face significant resistance up to 38%, or roughly $0.60. Prices could rise directly to the equal high of $0.9145 after they manage to reverse the $0.60 level.
It is possible that the XRP price will increase by 100% in the coming days. Considering that the 74% change occurred after approximately 128 days of consolidation of the index price, this may not happen immediately. We would also like to remind you that catalysts are needed to cause prices to rise prematurely.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.