The Ripple price prediction by Orlin Meyers shows that the price will eventually drop below the $0.5 mark after the cryptocurrency breaks out of the descending channel. The price varies close to the $0.575 level as of the 11th of December.
The cryptocurrency was priced at $0.572 at the time of writing. The highest price achieved by XRP on the 11th of December was $0.583, whereas the cryptocurrency fell to a day’s low of $0.527.
The Trading View analyst Orlin Myer believes that BTC might fall to the $16000 or the low $17000 range, and a false breakout might occur for the XRP pair. Traders are suggested to sell near the $0.6 to $0.7 range and buy near the $0.5 mark.
What to expect from Ripple?
The cryptocurrency trades inside a triangle pattern that Vince Prince sketched on their graph for the XRPUSD pair. Per the analyst’s opinion, the cryptocurrency is going to break out of the descending trend line to reach higher resistances.
The analyst suggested a major triangle cluster formation at the end of the triangle. At the same time, the pair is expected to complete the final wave count once the descending channel formation is completed.
XRP should not move below the lower boundary of the triangle pattern, or the descending channel that is highlighted inside of this bigger trade pattern. This is because the price will become very bearish and the bullish breakout scenario will become invalidated.
For now, the chart supports a breakout scenario which might help the crypto reached across the $0.64 level.
Per another one of the analyst’s ideas, the price is set to rise towards the extreme upper resistance marked at $0.683. The coin rides a minor ascending trend line that will allow the cryptocurrency to reach the resistance before it can see a descent on the charts.
The chart also features an inverse head and shoulders for the cryptocurrency that has recently been completed. The inverse H&S pattern is a bullish indicator, and the cryptocurrency rose towards the $0.68 resistance after completing the bullish pattern. Per the idea, the cryptocurrency will look to move into a short-position up next after it bounces off the horizontal resistance.
The analyst believes that a short entry zone will be crucial for the cryptocurrency because if the cryptocurrency falls below the trend line, the price will see a bearish continuation with a low trade volume.
Ripple price prediction: What’s next?
The Trading View analyst Orlin Myer expected a major break out that did not occur for the trading pair. The asset should have moved towards the $0.64 to $0.66 range after breaking out of the descending channel sketched below.
The analyst still expects the price to break above the channel over the next week or two. The target price for the trade lies in the $0.70 to $0.72 range, followed by a pullback that will cause the price to move below the $0.50 mark.
However, if the bears take the cryptocurrency below the $0.45 mark, that will be bad news for the cryptocurrency as it will have broken below a major descending support line.
Source Cryptopolitan