XRP Price Prediction: Ripple Aims Higher But Upside Seems Limited

Last Updated August 10th 2021
2 Min Read
  • XRP price remains above $0.8, but bulls appear to be losing momentum toward $1.
  • Perhaps a break above the multi-month trend line might bolster Ripple significantly upward.

Ripple has been on a consistent upward roll since the bulls secure support around $0.5 in July. As expected, trading above $0.7 allowed bulls to assume complete control of the price. The uptrend was also supported by investors buying the news when Ripple launched a new On-Demand Liquidity (ODL) remittance corridor between Japan and the Philippines.

Last weekend’s break past $0.8 catapulted XRP to $0.85, but the price stalled soon after. Meanwhile, Ripple is teetering at $0.81 after recovering from the support confirmed at $0.75. The cross-border money transfer token is limited under resistance at the multi-month descending trend line.

XRP Price Uptrend Slows But Bulls Refuse To Give Up

The Moving Average Convergence Divergence (MACD) indicator is a vivid buy signal which adds credence to the optimistic outlook. Note that this is a technical index, following the path of a trend and calculates its momentum.

As it settles above the mean line, bullish within the daily time frame reinforces the bulls’ influence. Therefore, Ripple will remain on the upward trajectory in the coming sessions but rising to $1 will need more input from the buyers.

Investors should be aware that a break above the descending trend line may assert the bulls’ grip on XRP. Another fight should also be anticipated at the 100 Simple Moving Average (SMA). On the flip side, support at the 200-day SMA must remain intact to ensure that stability is guaranteed as buyers gaze at lifting toward $1.

XRP/USD Daily Chart

 XRP/USD Daily Chart 081021

According to the SuperTrend indicator, Ripple is primarily in the bulls’ hands. A buy signal was flashed just before August and implied that the slightest resistance path is upward. The SuperTrend is a chart overlay like a moving average. However, it utilizes the average true range to foresee the trend of the asset. A buy signal occurs when the index closes the day under the price and changes the color from red to green.

XRP/USD Daily Chart

 XRP/USD Daily Chart 081021

Looking At the Other Side Of The Fence

Meanwhile, the TD Sequential indicator presented a sell signal on Ripple’s 12-hour chart, crediting the pessimistic outlook. The bearish formation developed as a green nine candlestick anticipating a one to four 12-hour candlesticks correction.

XRP/USD 12-hour chart

 XRP/USD 12 hour Chart 081021

A red two candlestick trading below a preceding red one candle could serve as confirmation that Ripple is poised to drop further. A daily close under $0.8 may result in a breakdown to $0.75 and $0.7, respectively.

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