Ripple Price Prediction: $1.65 Resistance Barrier Keeps Stopping XRP Up Surge
Daily Ripple XRP Technical Analysis
- The Ripple price jumped from $1.03 to $1.65 between April 26 to May 1.
- The downside support lies at the 20-day SMA ($1.42).
The buyers took charge of the Ripple price on April 26 as it jumped from $1.03 to $1.65 till May 1 – rising by ~6%. During this upward climb, XRP flipped the 20-day SMA from resistance to support. However, this is where the climb has been temporarily paused for now by the $1.65 resistance.
Ripple Price Falls After Hitting $1.65 Barrier
After hitting the $1.65 resistance line, the Ripple price dropped to $1.57 this Sunday. The buyers attempted to break past this obstacle again today before retreating to $1.59. The overall sentiment of XRP looks positive since the parabolic SAR has flipped from negative to positive. The relative strength index (RSI) shows that XRP still has room to grow before it becomes overbought.
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, we can see that the MACD still shows sustained bearish activity. Save for two candlesticks, the price here has been trending horizontally for quite some time.
Image: XRP/USD 4-hour
Mike Novogratz On XRP Army – “They Just Don’t Look At The Truth Sometimes”
In a recent interview, Galaxy Digital CEO Mike Novogratz said that the XRP Army is denying the truth. For the uninitiated, the SEC filed a lawsuit against Ripple in December 2020 for selling XRP as unregistered securities. XRP holders have displayed steadfast loyalty since then.
The token holders have worked towards pushing crypto exchanges to relist XRP while arguing that it is not a security like the SEC has stated. Novogratz said that the XRP Army reminds him of Trump supporters who doubt the legitimacy of the November 2020 election. The CEO also noted that ardent fans of XRP are like 9/11 conspiracy theories that hold little truth in them.
Over the years, the XRP army has built up a real community of people that really want to believe it. It reminds me a little bit of Trump supporters, they’ll believe you stole the election. You could tell them anything. It’s like 9/11 conspiracy theories. There’s a little bit of that in crypto. They just don’t look at the truth sometimes.
Novogratz further asserted that he’s never been a fan of XRP because most of the tokens are owned by Ripple. In mid-April, Novogratz said that the XRP rally that pushed its price from 40 cents to $1.60 in a month did not make any sense to him. Several Twitter users slammed the fund manager, who has put in over $23 million into Ripple, telling him to sell his Ripple stake.
Novogratz admitted that it had been a pretty painful trade for him. He claimed that Ripple should be valued at $60 billion based on the amount of XRP tokens it owns. Yet Ripple’s equity is worth just $3 billion.
Ripple Price Is Expected To Reach These Levels
The Ripple price will likely attempt to take down the $1.65 resistance barrier again. Another failure will take XRP down to the 20-day SMA.