The New Year mood wasn’t at its best for the crypto enthusiasts, especially when it comes to XRP price predictions. But right after a few weeks of 2020, things have changed totally! Every time when you open CoinMarketCap, the bright green color hitting the eyes. Yes, the market is growing and so as XRP. But before we take a deep dive into Ripple price prediction, let’s figure out the reasons for these events.
The false behind the crypto market growth
You all know that cryptocurrencies are more addicted to the news background than any other asset. And the ball is ruled by Bitcoin, which, as a pioneer, leads the entire market after itself. There was no reason for growth for several months, but suddenly it appears. The news of minting of 500 million Tether tokens breaks the web and the growth has started. Although the news turned out to be fake, the process could not be stopped and the market is still moving up. But let's get back to Ripple price prediction.
December was awful for XRP as the coin reached its lowest price since October 2017. But things began to improve with the onset of 2020. At the time of writing, the price is closing to $0,24 mark and continues to gradually move up. Let’s figure out whether the December price will turn out to be bottom or if we have yet to see it.
Different scenarios for Ripple
As usual, professional analysts divided into two camps in their XRP price predictions. Despite the fact that most of the traders expect precisely the rise in the coin price, there are those who talk about its further decline. Let's look at both options.
Ripple price prediction: positive scenario
The first positive XRP price prediction cames from TradingView user TradingAlchemist who is based his forecast on the support lines breaking. He claims that the important resistance level of $0,2237 has been broken and now the value will be targeting another one at $0,25 mark. This level gonna be hard to overcome because it’s a long-time strong resistance height.
Another positive Ripple price prediction has been made by user ForecastCity. He believes that XRP will have good times and the coin will soon return to above $0,30.
- The first thing that the user points out is that XRP\USd is in a range bound. It could mean the beginning of an uptrend.
- The second argument for growth is the value now moving above the 21-Day WEMA.
- The last thing is the RSI is at 65.
At the same time, the analyst warns of a possible rollback to $0.218 and a subsequent increase.
XRP price prediction: negative scenario
Among the huge number of positive opinions, there are traders who believe that the price of Ripple will go down. One such analyst is Fragz_FX. His Ripple price prediction is based on the potential break of structure that was built a few months ago. If the value will not close above the $0,24, we can see the decline to a previous lower low. But he still believes that in the end, the value will go up.
Moving on to our last Ripple price prediction from the TradingView analysts. A user with a nickname Signalisator sees the backward head and shoulders structure on the XRP\USD on a 6M chart. He admits that the price can go up but not higher than to $0,27-0,29. After it, the value will go down anyway.
Significant for the Ripple price may be a court decision on the status of a coin. The last court session took place on January 15th but the results are not yet known. You can also expect at least some price movements associated with the partnership of Ripple with Starbucks and Bakkt. In general, there are no reasons and news for a sharp change in price.
Our XRP price prediction
Let's reason logically and take into account not only the technical component but also information events:
- As we said earlier, the price of the entire market was pulled up by Bitcoin, Ripple had no independent reasons for growth.
- Technically, we are still in a downtrend, and breaking through the upper border is still far away.
- The good news from the court could serve as a push upward but apparently it should not be expected in the near future.
From this we conclude: Ripple will continue to move in the wake of the market and will repeat the movement of Bitcoin. If the growth continues and it’s possible to overcome the $0.30 mark and gain a foothold higher, a trend reversal can be expected. Otherwise, the price will move sideways.
Keep your eyes on BTC and news, they will be decisive for XRP. And don’t forget to read our next Ripple price prediction right in a week.