Ripple Price Analysis
Ripple has left everything that it has had to go through in previous weeks to trade in the positive zones, which has seen its price undergo some upward correction. The digital asset had to fight off the bears days after the SEC lawsuit surfaced, which saw significant investors sell off their remittance coin holdings.
Analysts and experts have noted that the digital asset’s backing is receiving from its Asian community is the gas that has propelled the digital asset in its recent surge. Presently, the digital asset is trading at $0.2560 and needs to touch the $0.2840 price mark to make it to the predicted figure of $0.300.
A bull run would see the coin smash above the $0.300 price level
Even though the coin saw action from the bulls to trade around $0.3200 in the early part of last week, the digital asset has also taken on the volatility as the bears took over to run its price back under the $0.300 price mark. Presently, the digital asset is in decline mode, but analysts have tipped it to make a small resurgence that would bring it close to the $0.3000, and if it sustains the bull run, it could go well over the price.
A look at its moving average across four hours shows that the digital asset is slightly below the $0.2560 support level. It has also seen the bulls work in its favor as it saw an upward price correction to trade at the support level prove after going down a little bit to around $0.2408.
Its Fibonacci retracement levels have also shown that the digital asset exhibited a small break above 23.6% as it registered the decline run to move from $0.3288 to $0.2408. with things looking like it’s primed to make a booster surge, the coin might still have a slight issue around the $0.3000 price region.
Bearish trend expected to happen soon
Analysts have also mentioned that a bearish trend might soon appear close to the resistance line, which is set at $0.2820 if the 4-hour chart of the digital asset is to be considered. This resistance level is only close to the Fibonacci levels mentioned above, and if the coin gathers enough momentum and breaks above the region, it could be on its way to reaching the $0.300 price mark.
After the price breaks above the $0.300 resistance, it could well face further resistance at $0.3080 and would need the bulls if it will hope to break above the next major resistances set at $0.3400 and $0.3500. If the digital asset fails to breach above the first resistance level, the. It could go all the way to trade around its support level at $0.2620.
Looking at the digital asset’s support levels, investors would be comforted by the fact that it is close at $0.2560. If things continue to decline, then other supports at $0.2200 and $0.2100 would be available to hold the digital asset steady. Finally, traders of XRP would need to be involved as the asset would look to clear its resistance at $0.2820 and $0.2840.
