- Ripple price prediction is deep into bullish territory as XRP reaches $1.33
- Massive breakout takes price beyond upper reaches of Bollinger Bands
- XRP posts largest one-week surge since December 2017
- Access to personal financial records of Ripple executive denied by judge in SEC lawsuit
Ripple is on a roll as the price continues to shoor upwards with no holds barred. It seems like Ripple bulls have unending liquidity, and volumes to power this over-extended bull rally. At the time of writing, the XRP/USD pair is trading near $1.33 on the back of strong buying action in the last few hours.
The lawsuit involving Ripple, and the Securities and Exchange Commission saw another turn today. The judge ordered that the personal financial records of Ripple executives cannot be accessed during the course of investigation. The news has come as a huge sigh of relief for the Ripple traders, and investors. It gave the already bullish Ripple price prediction another shot in the arm.
Almost every technical indicator is overbought right from RSI to MACD, and Stochastic RSI. However, the buyers are still emerging as we are halfway through the weekend.
Ripple price movement in the last 24 hours: Bullish rally extends further as XRP reaches $1.40
The daily charts are signalling further uptrend even as the hourly charts signal some retracement. The over-extended bull rally has seen the XRP print $1.40 on the charts. The price is trading just above the Bollinger Bands near $1.33 level, and still making fresh new highs.
The Ripple price prediction studies reveal that XRP has overcome major resistances in a matter of hours to reach the current price point. The XRP bear market that began in late 2018 resulted in numerous technical hurdles. Some of these resistances have been wiped out in the last 48 hours alone. The current rally has inherent strength from volumes, liquidity, and XRP whales.
The psychologically crucial $1 level is now a strong support pivot point. The same $1 level represents the 38.2 percent Fibonacci retracement of the 2018 XRP bear market. Therefore, the current rally has overcome long-term hurdles to reach the hallowed $1.40 level. Additionally, the rally still has room left, and it will continue to chart new heights before exhaustion.
XRP/USD 4-hour chart: Nothing but huge candles painted on hourly charts
The impressive rally has left some indelible marks on the hourly, and daily charts. The long green candles show the strength of the rally, and will continue to impact future price movements in the coming weeks. On the fundamental front, Ripple has been successfully handling the various legal developments.
In the past week alone, the XRP/USD has risen by 100 percent. Such a rise is an impressive feat even in the volatile crypto industry. Even though an early settlement seems far fetched in the SEC-Ripple lawsuit, the same has been unable to dent the optimism of XRP traders. Ripple price prediction has seen nothing but bullish overtones from every corner of the crypto realm.
The RSI is at 78 level, and deeply ingrained in overbought zone. Besides RSI, MACD, and Stochastic RSI are also signaling that a correction is on the cards. A minor pullback over the weekend will help cool down the heated technical indicators. On the downside, the pair will first find support at $1.25 according to Ripple price prediction.
Ripple price prediction conclusion: Major resistances await ahead at $1.50
As Ripple targets more international markets, the fundamental viewpoint of XRP remains strong. Investors are looking at the long-term potential of Ripple in international settlements, and remittance sector.
The $1.33 level can prove to be a tough resistance to cross as the pair faces long-term pressure from 38.2 percent Fibonacci retracement. The daily RSI is now picking up pace, and sloping upwards as per Ripple price prediction. Also, the long-candle on the daily charts is helping the 100-day simple moving average slope upwards after a long hiatus.
Long-term investors are targeting $5.30 level which is the 600 percent Fibonacci extension of the current rally. Even though it may seem an over-enthusiastic target, the bulls are hoping that the broader bullish sentiment in the crypto market will help achieve higher targets. Nonetheless, Ripple price prediction will remain bullish for the coming few weeks.