Ripple Price Prediction: XRP Recovers Marginally After Dropping Below $1.20
Daily Ripple Technical Analysis
- The Ripple price made a marginal recovery during the current session, with the price currently up by 0.50%.
- XRP has been quite bearish over the past couple of sessions, dropping by over 5% on Wednesday.
The Ripple price posted a marginal recovery during the current session after sellers had pushed the price below $1.20 on Wednesday. XRP had started the week on a positive note, with the price rising by over 5% on Monday. However, it fell back on Tuesday, dropping to $1.25, and then dropped by over 5% on Wednesday, as sellers pushed the price below $1.20 before recovering during the current session.
Ripple Price Chart Indicates XRP Could Push Towards $1.25
The Ripple price has been mixed over the past couple of weeks, with the price starting the previous week in the red, slipping below the 20-day SMA and settling at $1.09. It recovered well on Tuesday, as buyers pushed the price up by almost 4%, as XRP pushed to $1.13. Wednesday saw the bullish sentiment persist, as the price pushed up by 6.57% and settled at $1.21. XRP turned bearish after reaching this level, dropping by 0.68% on Thursday and then registering a drop of 3.50% on Friday to settle at $1.15.
Image: XRP/USD daily
The Ripple price continued to be bearish on Saturday, as the price dropped by 0.62% but pushed up significantly on Sunday. XRP rose by almost 6% on Sunday, pushing to $1.22, before another increase of 5.04% on Monday ensured that the current week started on a bullish note, with the price rising to $1.28. XRP fell back in the red after Monday’s high, as sellers pushed the price down to $1.25 on Tuesday. Wednesday saw an even bigger drop, as XRP fell below $1.20, settling at $1.19, before recovering during the current session. We can see that the MACD and Parabolic SAR are bullish, indicating that the price could increase further.
Image: XRP/USD 4-hour
The 4-hour Ripple price chart shows us that XRP had pushed up to $1.22 on the 4th before dropping to $1.17. The price posted a marginal recovery but dropped further as it slipped below the 20-bar SMA and settled at $1.15. The price recovered again from this level but could not get past the 20-bar SMA and slipped to $1.12, where the 50-bar SMA was acting as support. XRP surged from this level, as buyers pushed the price to $1.27 before it registered a marginal drop and fell to $1.25. After a minor recovery, the price dropped to $1.22 before rising to $1.32; before bearish sentiment took over, the price dropped to $1.19, slipping below the 20 and 50-bar SMAs. We can see the Parabolic SAR and MACD have both flipped to bearish, indicating we could see a marginal drop in price.
Ripple To Assist Financial Firms With Crypto Sevices
Blockchain company Ripple recently announced that it would launch a product that will allow financial services companies to offer their clients access to crypto trading.
In an official blog post, the company noted that the new product dubbed the “Ripple Liquidity Hub,” will grant enterprise clients access to digital assets from various providers, including market makers, exchanges, and over-the-counter (OTC) trading desks.
The service will leverage smart order routing to provide enterprise clients with digital assets at the best possible rates in the market. The announcement also revealed that the Liquidity Hub would initially support six of the most prominent cryptocurrencies in the industry, with more digital assets scheduled to be added over time.
The first six coins include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), and, of course, Ripple (XRP). Ripple noted that the availability of these digital assets, however, will be determined by geographical locations.
Commenting on the new development, Asheesh Birla, the general manager at RippleNet, said:
“We know full well the need for easy and efficient liquidity management. Crypto and financial institutions are embedded in our DNA. So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop shop for buying, selling, and holding crypto assets that have powered our own extensive work with financial institutions.”
Ripple Price Is Expected To Reach These Levels
The Ripple price chart shows us that the XRP has made a marginal recovery during the current session. If the prevailing sentiment persists, then we could see XRP push beyond $1.20.