Ripple price has been under pressure for over two months now; dropping past the crucial level of $1.000 in late December. The crypto is trading at $0.7392; which is about 62.38% below the three-year high hit in March 2021 at $1.9731. Besides, over the past four weeks, it has dropped by close to 30%. Subsequently, its market capitalization has fallen to about $35.25 billion.
As is often the case, there is a correlation between Ripple price movements and that of the leading crypto – Bitcoin. The latter crypto has been trading below the psychological level of $50,000 for about three weeks. At the beginning of last week, it declined below $40,000 momentarily before bouncing back. In the ensuing sessions, Ripple price and the crypto market may remain under pressure even as investors’ enthusiasm builds up.
Ripple price prediction
XRP is in the red for the fourth consecutive session. The daily chart highlights downward momentum that has persisted for close to four weeks.
The formation of a symmetrical triangle, which is usually a continuation pattern, hints at the probable persistence of the current range-bound trading. Besides, it is still below the 25 and 50-day exponential moving averages, which is a bearish sign.
As investors’ enthusiasm about a probable bullish reversal gathers momentum, Ripple price may hold steady above December’s low of 0.6536. In the past month, the altcoin momentarily dropped past the steady support zone of 0.7000 for the first time since late July 2021.
In the ensuing sessions, I expect the crypto to continue holding steady above the aforementioned support zone. From this perspective, Ripple price may remain range-bound for a while longer as the bulls lack enough momentum to push it back to the psychologically crucial level of 1.0000. The range’s upper and lower borders may be at 0.7992 and 0.7098 respectively.
Past the current resistance level, the bulls will be eyeing the upper target at 0.8852. However, this thesis will be invalidated by a decline below the support zone at 0.7000.