Our XRP price prediction is still bearish as the price has failed to show significant recovery. Ripple price appears to be in a prolonged bearish accumulation with support at the $0.29 level. Price has retested this support multiple times within the past few months. However, the next retest might not hold as the support has become weak after too many retests.
Crypto markets turned red during the Asian session on Friday as the Bitcoin price broke $22,000 support. This has triggered a market-wide sell-off. Most altcoins are trading at the lowest level this month. If BTC doesn’t reclaim the $22,000 level, then new lows could be on the cards.
At the time of writing, the XRP price is trading at $0.34. The price has lost 7.48% during Friday’s trading session so far. While many cryptocurrencies enjoyed relief rallies in the past few weeks, Ripple price failed to join the party. Consequently, the price is only 20% up from the June lows and might be heading for another retest soon.
According to XRP news today, David Schwartz has compared the Bitcoin and Ethereum miners to the eBay shareholders. The Ripple CTO was responding to Vitalik Buterin’s tweet in which he blamed Ripple for labelling Ethereum, a ‘Chinese-controlled’ cryptocurrency.
XRP Price prediction
Technical analysis of Ripple price chart shows a low volume breakout from the head & shoulders pattern. However, despite the breakout, bulls failed to gain momentum, and the price couldn’t reclaim the $0.40 level. One major reason for the decreased investor interest is the ongoing SEC lawsuit against Ripple. However, you may still buy XRP on crypto exchanges like Binance and Kucoin.
The only way for XRP price prediction to flip bullish is by reclaiming the $0.40 resistance. However, such a move is unlikely anytime soon as the BTC price is in a deep correction. If the Ripple price fails to hold the $0.29 level, the price might enter a prolonged bearish accumulation phase around the $0.22-$0.25 level. Therefore, it is better to wait for a proper reversal signal before entering into any trade.
