Ripple (XRP) Technical analysis: Looking at the long-term charts, the downward slide of the last 3 weeks was weak at best, and seems to be losing momentum. That’s because this drop has failed to clear the bullish candle of the 23rd to 29th April. This has effectively created a demand zone at the $0.74 to the $0.60 price level. Once ripple gains momentum at this price level, it is likely to push up to around $0.96, which is the all-time high for the last one month. Clearing above this price level could see XRP get to $1.24. However, that’s more of a medium-term target. The most probable price target for next week is $0.96.
In the case that the week opens low, ripple will most likely test $0.49. This is an area of strong support, one that could drive up XRP by a huge margin. That’s because at that level, ripple would be way too undervalued, relative to its fundamentals.
However, Ripple (XRP) has a higher probability of going up, than going lower. This is quite clear from an analysis of the daily charts. In the daily chart, XRP has been trading in a range for the last 8 days. In this range, the 55-day moving average has offered strong support. That’s a strong indicator that there is strong buying going on at the $0.74 – $0.60 price level. Considering that this buying accumulation has gone on for a week, probability of an upside break next week is quite high.
The upside potential for ripple next week is also supported by Bitcoin. Throughout the week, bitcoin has been dropping, hitting lows of $8079, which has been an area of major support in the past. This explains why bitcoin has bounced back and seems set to rise higher in the coming week. Considering that the price of bitcoin has an impact of pushing up the value of the entire market, it is likely to support ripple (XRP) on the upside all through the week.
Fundamentals that will support ripple next week
From the technic analysis, it is clear that ripple is in an accumulation phase, and has a high probability of breaking out upwards next week. So what fundamentals will drive this upward move? In the coming week, two key factors will most likely play a role in pushing up ripple. The first one is the upcoming TNW Conference in Amsterdam that will be held on the 24th. This event is important for ripple because David Schwartz the chief cryptographer at ripple will be making a presentation. Considering the high rate of adoption that ripple has had in the last few weeks, it is expected that he will speak about some interesting partnerships, or technical advancements.
The other factor that will anchor Ripple (XRP) next week is the upcoming uphold listing. On the same day that the David will be doing his presentation, XRP will be listed on the uphold exchange. These two events are likely to drive up demand all through the week. On D-Day, we are likely to see an explosion in the price of ripple, possible hitting around $0.95 – $1.