As we said in our previous XRP price prediction, cryptocurrency continued to follow the market. The hype around the pump fades away and the entire market has begun a gradual downward movement. Nothing critical is happening yet, but is there any reason to hike to new heights? Let's deal with this!
The price of XRP decreased by 2 cents, from $0.24 to $0.22 in a week. In this situation, the number of those who rely on the price decline in their predictions has significantly increased. It’s worth mention that Bitcoin has lost about $500 of its value over this period too. But for the cryptocurrency market, these are normal numbers that can be won back in a few hours.
Technical indicators went wild
What is important for a more accurate XRP price prediction is the technical indicators of the cryptocurrency. Now they are far from the best conditions:
- Oscillators. Only MACD levels are in the buy zone, the rest of the 11 available on Trading View are either in a neutral position or are advised to sell coins.
- Moving Averages. Everything is much worse with them, most of them indicate the need to sell coins, especially if you look at 100-day ones.
- XRP sales. Coin sales in the Q4 of 2019 fell sharply by 80% compared to the Q3, which also indicates a decrease in the interest of the community.
You may decide that a further Ripple price prediction doesn’t make sense, but we haven’t even reached the technical analysis yet. Maybe it can fix a bad impression.
Ripple price predictions of analysts
Among traders and analysts, everything is stable: the lower the price, the more the precursors of the apocalypse appear. On the other hand, the more valuable the positive Ripple price predictions become. We offer to analyze the most useful of both camps.
Bullish XRP price predictions
TradingAlchemist is again on the list of positive Ripple price predictions. He believes that XRP is now on a good support line and expects growth to the resistance line at $0.24. However, even if the coin manages to overcome this level, it will face even greater resistance in the region of $0.25. Considering that the price has recently reached a two-year bottom, this scenario may turn out to be true, there are no obvious reasons for the descent far below.
User David_Smith based his XRP price prediction on breaking through the 200 MA line. He expects that after this the price will go to retest resistance in the region of $0.23. But if after breaking through the price continues to move down, the analyst will not hold on to long positions and go short.
The last positive opinion belongs to the user with the nickname matoa and is based on the Elliot wave analysis. The price is finishing the C wave of the ABC (wave 4). All the objectives of the downtrend have already been achieved, and we can expect active growth in the near future. The analyst placed his own stop loss at the top of wave 1.
Bearish XRP price predictions
CoinGape in his Ripple price prediction doesn’t promise cryptocurrency anything good. He is addicted to the fact that the bear trend will continue, after all, the RSI doubles down. Until this indicator is oversold, the trend will continue. The Elliott Wave Oscillator is also pointing to a new bearish session. The ascending channel is broken and this also doesn’t play in favor of Ripple.
The last XRP price prediction for today belongs to user Alex_Clay. He expects Ripple to decline further and the price really worked out these targets, but at the time of writing, it raised back to 1 Target.
News background ain’t helping
The news background has a huge impact on the price of cryptocurrencies and Ripple is no exception. The last days were not full of high-profile positive events around Ripple, but the negative was present. The main news was XRP sales for the Q4 of 2019, which turned out to be 80% lower than in Q3. $13.08 million against $66.24 mln is a strong blow to the cryptocurrency, which indicates a decrease in the community interest. It’s definitely not good for Ripple.
The only positive news was the mention at the World Economic Forum (WEF) in Davos. But this is not enough to push the price up. It remains to wait for more significant events.
Our XRP price prediction
Given all the events and the current situation on the market, we can draw the following conclusions:
- Ripple's technical indicators are too bad for the coin to independently change the bearish trend to the bullish one.
- Low interest among buyers and a bad news background add chances for a price decline.
- Now, Ripple is too dependent on the general mood of the market and will continue to follow it.
Over the week the position of the coin only worsened, contrary to many Ripple price predictions. Although it’s worth noting that against the backdrop of a general market decline and bad news, the cryptocurrency lost no more than other participants of the market.
In the next week, a reversal should not be expected, the scenario with short deals and the predominance of sellers look preferable.