- The Ripple price forecast is for the last 48 hours, where the Ripple price has steadily declined from April highs of $1.96 to around $1.2.
- XRP is at risk of a massive selloff if it does not quote above the median boundary of the bearish channel.
- If overhead costs and selling pressure increase, Ripple could see a further decline towards the $0.8 region.
In the first days of April, XRP became one of the best performing crypto assets on the market. At that point, Ripple made significant moves that hadn’t been seen since the price spike in December, which was triggered by the U.S. Securities and Exchange Commission (SEC) lawsuit. The complaint was filed against the management of Ripple and the entire network for engaging in unregistered trading of crypto assets to raise funds.
Forecasted price developments Price Overview
Ripple appears to be in the midst of a price correction after stalling to a new all-time high during the recent bull market. While Ripple is rapidly losing value, creating a downside model could mean holders experience a price jump. However, it seems that the $2 limit was an artificial price target for Ripple, as it experienced sharp price divergence near the expected limit.
Ripple now appears to be returning to critical support areas such as $1.6 and $1.2. At $1.6, Ripple received decent support, which helped to slow the price decline. A small break into the $1.6 support area provided market stability for Ripple and gave holders a chance to regroup and get a bullish narrative. This should not have happened, as market flexibility flooded the cryptocurrency market, leaving a trail of falling prices everywhere. For example, Ethereum continued its downward trend, pushing the crypto asset to the $2,000 price level, while Bitcoin dropped from an impressive high of $60,000 near the $50,000 mark. After the last dip to the $1.2 level, there was a brief rally as the price climbed just above the $1.4 level. Currently, Ripple is trading at $1,286.
Still, the entire crypto currency market seems to be bloodied by the ongoing bearish attack. As for Ripple, the crypto asset appears to be holding solid support for the midpoint of the downtrend channel, a move that appears to position it for a move higher towards the $1.3 level. Moreover, Ripple’s 100 simple moving average (SMA) seems poised to provide the cryptocurrency with much-needed support to prevent prices from falling further below $1.
Volatility of price movement in the last 24 hours
According to Ripple’s 24-hour price movement, it is clear that the crypto asset is going through a massive sell-off that has caused the price to continuously fall. Nevertheless, the XRP has risen 3% from the critical $1.2 support level, and is showing signs of resuming its previous upward movement. However, the bears seem to be managing to push the price of Ripple into the area of the 100 4-hour simple moving average at $1.24, which will likely push the price lower to $1.15.
4-hour pulse table
Looking at Ripple’s 4-hour chart, the MACD (Mipple Convergence Divergence) technical indicator shows that Ripple is poised for further declines. Currently, Ripple’s blue MACD line appears to be below the signal line, confirming the current bearish bias.
Despite the continued decline in prices, whales seem to be taking advantage of the situation to increase their stocks. The number of addresses has grown from over 100,000 XRP chips to 1 million this season.
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