Connect with us

Price Analysis

Ripple Diamond Hands Are Down 12%, Will XRP “Make You Rich” In A Year?



Ripple price prediction cryptotelegram

Ripple stands even in the face of enormous obstacles.

At spot rates, XRP crypto appears to have been tempered. It stands tall, rising from the crypto ashes if history leads.

For now, Ripple prices are moving in sync with the market.

Ripple Market Performance and Price Status

It is down double digits week to date, sliding below $1 in a bear breakout pattern.

Overall, the path of least resistance is defined, and sellers are squarely in charge.

After days of horizontal consolidation—which is now distribution—within a bear candlestick, sellers are pinning down bulls, forcing prices lower as per Ripple technical analysis in the daily chart.

This is no surprise.

Ripple Price Daily Chart for September 21

A single glance of the XRP price analysis in the daily chart reveals the weakness, with the September 7 bear bar being the primary highlight.

Preceding the high-volume candlestick were a series of higher lows relative to the upper BB, signaling a possible top and end of the stellar rally from late July 2021.

While the lift-off of late July re-ignited confidence in the crypto market, the dump of September 7 ushered in another wave of lower lows, pointing to weak buyers.

The consolidation of last week didn’t help either, as losses of September 20 cemented bear positions.

At the time of writing, the XRP coin is down 12 percent week-to-date versus the greenback, sliding a decent four percent on the last trading day.

All the same, the calm of the Asian session only punctuates a bearish market–a relief for traders expecting sellers to dig in, liquidating on pullbacks.

Typical of crypto prices—guidance from historical performance—XRP might dump to $0.70—the 78.6 percent Fibonacci retracement level of the July-September trade range. Will this pan out?

XRP Back to $0.78 and later $0.56?

One Trader on Twitter thinks price action is skewed against Ripple sellers reading from development in the daily chart.

Following the losses of September 20, the Ripple trader thinks not only will XRP dip to $0.78 but will also sink to $0.56. interestingly, the $0.78 region is around the 78.6 percent Fibonacci retracement level of the July to September 2021 trade range.

At the same time, it flashes with the 2018 highs. Accordingly, the zone between $0.70 and $0.80 marks a strong support level that could signal further losses potentially to $0.56 in the medium term if sellers break.

Ripple Diamond Hands are Losing

Meanwhile, another trader on Trading View thinks XRP is bullish on the macro. However, currently, sellers are in control, and it doesn’t matter how XRP bulls shill the coin.

For this reason, the trader expects Ripple to post even deeper losses from spot rates back to $0.85—which flashes with a critical Fibonacci retracement point.

Ripple to $0.85

At this level, coinciding with crucial support—previous resistance levels—traders can expect a recovery and even clip the pullbacks, arresting bears.

Ripple Will “Make You Rich in A Year”

Over and beyond the current chaos, one trader is overly bullish on Ripple’s macro. Specifically, the analyst pins XRP tailwinds on the ongoing Ripple-SEC suit.

Per the analyst’s view, the SEC will likely resolve and potentially settle in the next six months. This would trigger the demand for XRP, pushing it to over $10.

Ripple to $11

At spot levels, therefore, there are indicators of undervaluation, an opportunity for value traders.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!