The Ripple price continues to consolidate between the $0.72 and $0.75 levels as it prepares for its next leg up. It seems that buyers are back in the market after a prolonged period of selling which resulted in the price crashing to just above the $0.51 level on 20 July.
The recent price rise for XRP has seen the third largest cryptocurrency by market cap gain at least 30% from its low. Although a slight retracement was experienced on Aug 1 when the Ripple price retreated to the $0.72 mark after having touched the $0.75 level, the market remains bullish overall.
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Short Term Forecast For Ripple Price: Bullish Trend To Take Up To $1?
At present, the Ripple price is trading at the $0.72 level which is a slight reversal from the $0.76 high registered on July 31. With the 200 Daily Moving Average at around $0.777, this price point is important if XRP is to continue its bullish momentum forward.
So a bullish thesis would be confirmed if XRP breaks the $0.777 mark and continues all the way to the next resistance line at $0.835. This is the 100-DMA so considerable resistance may be expected at this price point.
A bearish thesis would contradict all this however. If the Ripple price were to fall below the $0.70 mark, support should be found at the $0.66 mark from where a rebound may then occur. A further price decline could push XRP down to the $0.632 level.
If the bullish scenario persists, XRP would then prepare a big move towards the $1 level which would be the next price point on the cards.
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Long Term Price Prediction For XRP: Finely Balanced But Should Be Over $1 By End Of Summer
At present, the Ripple price is pondering further gains after it shot up by 27% over the past seven days. It seems that XRP is accumulating at the $0.70-$0.2 levels to make the next push upwards. However, some retracements may be inevitable as the springboard continues to gear up.
The general positive attitude in the cryptocurrency market has pushed the Ripple price considerably up and this is expected to continue. Predictors and forecasters are putting the XRP price at over the $1 level by end September and the $1.50 mark by end of year.
With Bitcoin once again hovering over the $40K level, there seems to be renewed interest in the market. However, this could all go belly up in a day as we have experienced many a time.
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Gerald Fenech
