In the past few days, ALL cryptocurrencies lost significantly in their respective market caps. There are many reasons why the market was down, and mainly because of the Chinese crypto crackdown. For XRP, things didn’t go as planned as well and prices fell heavily. Instead of having 3$ price targets, investors now are just awaiting another 1$ price for the token. Is a Ripple 1$ achievable in the short term?
XRP Price Prediction – XRP is at a BUY ZONE?
If we simply look at the highest price of XRP in 2021, we can see a clear decline of around 68% in prices. This might alarm investors and make them jump ship, but at the same time, this presents a great opportunity to buy in at cheaper prices. In fact, XRP prices fell towards a very strong support area, which previously was a resistance. This is definitely a good potential buy area. In figure 1, we can clearly see this pattern of resistance shifting to a support area.
How can investors position their trade setups? Well, you can buy XRP at today’s prices, and set a stop-loss around USD 0.55 and a take-profit area around USD 0.90. This setup should definitely be a good trade, especially that XRP usually lags when compared to other cryptos in price-action movements.
Cryptos at a Glance
In the past 24 hours, most cryptos recovered from the severe crash. On the other hand, long term buyers should remain cautious as prices can still revert back downwards and continue on their way down. BAKE and DOGE were the top winners with performances of 18% and 15% respectively. NEAR and SUSHI were the top losers with both performances of – 4%.
1- Bitcoin (BTC) : + 1.80 %
2- Ether (ETH) : + 0.74 %
3- Tether (USDT) : 0 %
4- Binance Coin (BNB): + 5.81 %
5- Cardano (ADA) : + 3.54 %
6- Dogecoin (DOGE) : + 15.16 %
7- Ripple (XRP) : + 7.99 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): – 0.54 %
10- Uniswap (UNI) : + 2.56 %
Stay Ahead, Stay Updated
You might also like
More from Ripple
Ripple partnership has resulted in a class action lawsuit against MoneyGram on the dangers of long term losses for the …
This week was quite the chaotic one for Ripple and the XRP cryptocurrency. Many significant events happened, thus increasing volatility. …
After the Gamestop incident, DogeCoin was next on the list and made headlines in the cryptomarket, supported by Elon Musk …