XRP Price Prediction: What to Expect in the Next 48 Hours

The on-chain tracking platform, Whale Alert, revealed in a recent X (formerly Twitter) post that there has been a substantial amount of Ripple (XRP) move from an anonymous wallet to a cryptocurrency exchange. According to the post, 30,700,000 XRP tokens, valued at $15,315,06,1 were transferred to Bitstamp.

Further, on-chain analysis revealed that the wallet that initiated this large transfer belonged to Ripple Labs. The company sent this large amount of tokens to an exchange while the remittance token’s weekly performance was deeply entrenched in the red zone.

XRP Current Market Standing

Ripple (XRP) is ranked as the fifth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 0.75% increase in price over the last 24 hours, taking its price up to $0.4826 at press time. This also put its total market cap at approximately $25.787 billion.

The 24-hour gain was not enough to bring XRP’s weekly performance out of the red zone. Consequently, the remittance token’s price was still down by 7.32% over the past 7 days. The 24-hour uptick in XRP’s price was accompanied by an increase in the altcoin’s 24-hour trading volume. At press time, CoinMarketCap indicated that XRP’s daily trading volume rose 5.59%. As a result, the total volume was estimated to be $753,042,061.

XRP Technical Overview

4-hour chart for XRP/USDT (Source: TradingView)

Over the past 48 hours, a symmetrical triangle pattern had formed on XRP’s 4-hour chart after the cryptocurrency’s price printed higher lows and lower highs during this period. This specific pattern suggests that the cryptocurrency’s price may breakout in the short term.

Should this breakout be towards the upside, XRP’s price may look to flip the resistance level at $0.5165 into support. This could then give the cryptocurrency the foundation needed to continue to rise in the following few days. Should this potential bullish momentum continue, XRP’s value could rise to as high as $0.5670, which was the next major resistance level. On the other hand, if this breakout is towards the downside, which will also be a continuation of its current negative trend, then XRP could fall to the immediate support level in the coming couple of days. In this scenario, the remittance token’s price could drop to as low as $0.4585.

Daily chart for XRP/USDT (Source: TradingView)

Zooming out on the daily timeframe shows that XRP’s price attempted to overcome a medium-term negative trend line that had formed on its daily chart over the past few months. This attempt, however, failed as sellers prevented the much-needed break above this trend line from happening.

Consequently, the altcoin continued the negative trend, which caused it to drop below the key support level at $0.5161 – a level which it continued to trade below at press time. If bears continue to exert pressure on the remittance token’s price, then it could soon retest the next support level at $0.4585.

This is a key level that needs to hold, as it is the last line of defense preventing XRP from dropping to as low as $0.4105 in the next few weeks. This bearish thesis will be invalidated if the cryptocurrency closes a daily candle above the aforementioned $0.5165 mark in the next 3-5 days, or if XRP breaks above the medium-term negative trend line on its charts.

In this more bullish scenario, XRP could continue to rise to $0.5670 if the bullish support persists. Thereafter, the cryptocurrency’s price could continue to rise to the subsequent barrier in the following few weeks if it is able to close a daily candle above $0.5670. This may pave a path for XRP to rise to as high as $0.6390.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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