Ripple is taking a short break from the massive sell-off. The following Ripple price prediction looks at the technical side.
November 28, 2019 | AtoZ Markets – The cryptocurrency market has had massive sell-offs across the board in November. The digital currency market has shed around $50 billion to continue the bearish run from June. Ripple broke away from the $23-29 support zone to hit its lowest price in almost a year. Meanwhile, the total market capitalization has crossed the $200 billion after minor recoveries this week. Bitcoin still holds over 66% of market dominance. Since XRP hit 20.25 cents at the start of this week, it has gained almost 14%. Ripple is currently priced at 23 cents.
It seems Ripple will continue to drop. Even the core Bitcoin enthusiasts have accepted the possibility of Bitcoin dropping to $6,000 at least. The ideal bearish target is between $4,500 and $5,000. It’s almost impossible to predict the exact Bitcoin bottom price before the next bullish trend. However, many analysts have suggested next year Bitcoin halving process could be the needed fundamental trigger to start another wave of recoveries. As for Ripple, giving its bad performance since 2018, it will depend solely on Bitcoin picking up. As such, XRP price should continue to slump perhaps to 12-13 cents.
Ripple business affairs progress
While XRP price continues to deteriorate, the tech firm seems to be doing better on the business front. The firm had many partnership deals in the first half of the year, especially with large and small payment processing fintech firms. Recently, it was also reported that one of the companies Ripple powers- Finablr, is teaming up with Alipay to create a platform for cross-border remittances. Finablr shared this on its official Twitter page and with a blog post on Wednesday.
Ripple has also been recently supported by Faast, a crypto swap app. Faa.st allows users to trade and swap cryptocurrencies through a web-based platform from their hardware wallets. Currently, the web app supports up to twenty cryptocurrencies.
Ripple price prediction: technical analysis
Prior to last week price breakdown, Ripple was heavily under the bearish pressure as explained in the last update. The XRP price eventually hit below the 21.3 cents low. However, the price didn’t go far below before making a quick bounce to 23 cents.
As the chart above shows, XRP price might continue the current correction to the 38.2%-61.8% Fibonacci levels (24.5 cents to 27.2 cents) before the bearish trend continues. The mood of the market is still heavily bearish unless a massive break above 31.5 cents happens.