Ripple (XRP) Price Prediction: Why It Could Soon Hit $0.65

Ripple (XRP) Price Gains Strength | Photo by Immo Wegmann on Unsplash

Ripple’s XRP is outperforming bitcoin and ethereum. The price remains supported and might rise towards the $0.650 level in the near term.

Ripple (XRP) Price Gains Strength

After testing the $0.560 zone, ripple price saw a sharp decline against the US Dollar. The price corrected lower below the $0.520 and $0.500 support levels.

The price even broke the $0.450 support zone, but it remained well above the 50-day simple moving average (blue). However, xrp price found support near the $0.420 zone. A low was formed near $0.4180 and the price regained strength.

Ripple’s daily price chart | Source: XRP/USD on TradingView.com

There was a steady increase above the $0.45 and $0.48 resistance levels. The price climbed above the key 61.8% Fib retracement level of the main drop from the $0.5598 swing high to $0.4180 low.

The price is now trading above the $0.500 level and the 50 simple moving average (blue, 4-hours). There is also a key rising channel in place with support at $0.4980 on the daily chart. It seems to be consolidating near the 76.4% Fib retracement level of the main drop from the $0.5598 swing high to $0.4180 low.

On the upside, an immediate resistance is near the $0.540 zone. The next major resistance is near the $0.560 zone or the last swing high.

A clear wave above the $0.560 level could start a fresh rally to $0.60. Any more gains might set the pace for a test of the $0.650 resistance since it is near the 1.618 Fib extension level of the main drop from the $0.5598 swing high to $0.4180 low.

If ripple price fails to clear the $0.560 resistance zone, it could correct lower. An initial support is near the $0.500 level and channel lower trend line.

A downside break below the channel support might send the price towards the $0.450 support. The main support is near the $0.400 zone and the 50 simple moving average (blue, 4-hours). A close below $0.400 may perhaps start a strong decline. In the stated case, the price might even test the $0.320 support.

Overall, XRP price is gaining pace above the $0.500 and $0.512 levels. If the bulls clear the $0.560 barrier, the price could rally towards the $0.65 level or even $0.72. Conversely, there might be a fresh drop towards the $0.450 level.