2017 has been a year of immense growth for Ripple (XRP). The currency grew by 36,000% and even overtook Ethereum’s spot of being the #2 cryptocurrency. Ripple has been one of the most absurd cryptocurrencies when you look at the price! The currency grew from absolute insignificance to the hottest investment of recent times. However, it has since slowed down. Here’s a technical analysis of Ripple’s price over the past week – and a prediction of how it is expected to move shortly.
Ripple (XRP) Price Over The Past 24 Hours
Ripple, over the past 24 hours has fallen by about 11.5%. The currency began the day at a price of $1.11 – and moved to a high of $1.16, from where it slid down to a low of $0.92. However, it has since recovered to $0.96. The market cap too, moved along with these price changes. Ripple began its day at a market cap of $43 Billion and closed at $38 Billion.
Ripple (XRP) Price Over The Week
The past week has been quite a rocky ride for most cryptocurrencies, including Ripple. Over the past week, Ripple has faced a number of ups and downs. The currency began the week at a price of $0.88 – peaked at $1.16 and is now at $0.98 – overall, this has been a good week for Ripple as the prices have slowly managed to rise. Ripple is one of the only currencies which have shown profit when you look at the week-view.
Ripple (XRP) Price Prediction
While Ripple has slowed down ever since it hit the all-time high in early January, the currency does show a number of signs of growth from time to time. In the graph above, a breakout opportunity is visible. If Ripple maintains this growth rate and continues to be above $1, it is expected that the currency will soon break out of the line of resistance that has formed at the $1.2 mark.
However, considering that the resistance is strong and that Ripple has a history of crumbling down to even a minor resistance, it is expected that the price of XRP may even hit the $0.25 mark over the next few weeks. It is best advised to set up a stop-loss before you trade. Moreover, if Ripple does cross the $1.2 resistance, an even heavier line of resistance awaits at $1.6.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.