Price Analysis

Ripple Soaking Sell Pressure, is XRP Readying for a 5X to over $5?

Published

8 months ago

September 9, 2021

Dalmas

Ripple is one of the earliest projects–and has an army behind it.

These permabulls always maintain a positive outlook, even saying the coin could reach $589 in the years to come.

XRP has proven to be encouragingly resilient against price shocks. It has suffered significant headwinds in the last ten months or so, repeatedly bouncing back quite strongly.

Ripple Market Performance and Price Status

From the ongoing SEC-Ripple court case, the general market downturn—for instance, in Q2 2021—, the coordinated abandonment from exchanges.

While some say Ripple would be a shell without liquidity, XRP is available for trading in some exchanges and is one of the most liquid in the world.

At the time of writing, XRP is stable.

Despite sharp losses of September 7, the coin is up three percent on the last trading day versus the USD, soaking selling pressure and arresting the downtrend.

Notably, XRP prices are still oscillating inside September 7 bearish engulfing bear bar with decent participation levels above $1—a psychological round number closely watched by traders.

Even so, there are skeptics who maintain that the crypto market is calm before a ravaging storm blows away the remaining optimism. In their assessment, the pullback of crypto—including XRP—prices offer an opportunity to exit longs and book profits.

Technically, that may be valid, mainly when Ripple is analyzed under the Effort-versus-Results lens.

Noticeably, XRP buyers are yet to unwind the losses of September 7. Besides, the accompanying trading volumes are relatively low compared to the conspicuous bull bar.

This is a concern for XRP bulls.

Ripple (XRP) is For HODLing, Next Target $6.39

However, even with bearish hints, XRP supporters are looking at the long term.

Hi there. Today I have 2 cup of coffees in weekly Charts. Let's Check them.#XRP is targeting $6.39

I'm highlighting the same supports since long time back: $1 – $0.83. I don't recommend day trading but have the #XRP and just wait.

I wish you a great day#XRPCommunity #Ripple pic.twitter.com/POV15jM1me

— Dark Defender (@DefendDark) September 9, 2021

One trader took to Twitter and projected XRP to reach $6.39 in the medium term.

From the weekly chart, the analyst says there have been two cup-and-handle formations. Every time, following this pattern, XRP prices have proceeded to rip higher. Presently, the XRP price could be preparing for a moon-swing towards $6.39.

Even so, this could pan out provided the XRP price finds support above $0.80.

In the weekly chart, this level marks the September 2018 highs. It is a critical resistance-now-support line anchoring determined buyers.

Elliot Wave Pattern: Ripple to Reach $7.5

Another Ripple permabull joins the bandwagon stating that XRP is on the path to $7.5 as per the Elliot Wave formation. From the daily chart, the dip is the pull that would catapult the XRP coin towards $7.5 in a 1-2-3-4-5 wave impulse.

1.272 x red W1=1.272 x orange W1=$190k. The recent correction has made orange w1 and orange w2 clear. it's expected to be 190k EOY. That's my final taget and I won't even look at it for over a year. XRP is also expected to soar with BTC.#btc #xrp #elliottwave pic.twitter.com/verGjJsK6i

— 존버정신(F**king Hodler) (@jjungchurri) September 9, 2021

As from the daily chart, the level at $1.9 offers resistance. Even so, Ripple buyers are determined and would quickly blast this liquidation level, more so when XRP’s valuation expands in tandem with BTC.

Although Brad Garlinghouse says XRP ought to oscillate independent of BTC, the analyst expects an expanding BTC—predicts the coin to reach $190k by the end of the year—to be the accelerant, a nitro for XRP to rally to $7.5.

Ripple Prices in an Ascending Channel to $5.5

On Trading View, another trader is also confident of more gains.

Although there is a bearish engulfing pattern in the weekly chart, XRP prices are within a rising channel. In the medium term, there could be a retest of $0.84 support level.