- Ripple price retreats slightly after posting massive gains
- XRP follows general crypto market sell off pattern
- SEC case could still affect Ripple’s long term prospects
Like most of the crypto market, the Ripple price has retreated considerably over the past 24 hours, the positive sentiment still remains overall. After reaching a monthly high of $1.28 on August 16, the Ripple price sank by around 12% to the $1.09 level only to recover the $1.14 mark at present.
XRP is still in an ascending channel ever since it sailed past the $1 mark on 13 August and could have risen too fast over the next couple of days. It is around 60% up from the July 20 low of $0.59 and should continue rising over a long-term basis although this healthy pullback might see some short-term selling.
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Short Term Prediction For Ripple Price: A Period Of Consolidation Before Another Move Forward
With the Ripple price having reached a bi-monthly high just a couple of days ago, the prospects still look positive. However, XRP could be heading for a period of consolidation before its next big leg up. The ascent over two days was quite impressive with the price rising from $0.95 to $1.2 or a 30% gain from 13 to 15 August indicating strong signs of bullish strength.
A bullish thesis would see the Ripple price beginning to recover from the $1.09 low and rise to the $1.15 level again. It should then begin another rise to the psychologically significant level of $1.20 where it will begin testing the bi-monthly highs yet again. This increase would mean a 10% jump from the current price. Bearish pressure may invalidate that scenario.
At present, a bearish thesis seems to be the more likely short term prediction however. If this were to occur, the Ripple price will drop below the $1.10 level and further selling pressure may push the price even lower to the $1 mark. However there seems to be strong support at this level. The $1.05 mark is also an important resistance level which should hold strong should the sell off protract in length.
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Long Term Price Prediction For XRP: Growth Still Expected To Prevail
Although the Ripple price has experienced a minor pullback, the overall long-term prospects of the third largest cryptocurrency by market cap remain bullish.
Interest from the bulls seems to have subsided temporarily although that has not dented XRP that much. As already discussed, there is support at the $1.10 level and this level could provide a useful bounce back level for the Ripple price.
The continued uncertainty over the SEC case could also have an effect on Ripple’s long-term prospects. However, predictions for the $2 level reached by the end of the year remain quite plausible.
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Gerald Fenech
