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Short-Term XRP Target At 40 Cents, What Ripple’s Long Road To Recovery Looks Like

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Ripple, Technical analysis
Reading Time: 3 mins read
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After spending over two years running atop the worst crypto market performers list, XRP has potentially begun a long-term recovery. According to technical analysis patterns and statistics, a short-term target for XRP may be closer to 40 cents per token. After that, a far larger surge is possible.

Here’s what Ripple’s long road to recovery may end up looking like if the current uptrend, confirmed by the ADX indicator, stays strong.

XRP Rally Could Reach As High As $0.40 Based on Bull Flag Target

The cryptocurrency market is heating up again, after nearly three full years of a downtrend. Even assets that had fallen out of rank and been compared to manure, like XRP, have started to stage a triumphant comeback.

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The asset that was once a butt of nearly every joke, is now up nearly 200% from its Black Thursday bottom at ten cents a coin. Since July 1 alone, Ripple has increased by over 75% and is still climbing, even with Bitcoin struggling with resistance.

XRP is now trading above 30 cents a token, however, short-term targets based chart pattern data points to 40 cents as the high before an extended correction takes place.

xrp usd bull flag

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Ripple Bull Flag Short-Term Target $0.40 | Source: TradingView

XRPUSD broke up from a massive, over 100% bull flag and through downtrend resistance. Bull flag targets are measured by taking the height of the flag pole and applying it to the point of the breakout.

The target of such structure lines up with former support now turned resistance. This is just the first stop on what could be a larger chart pattern.

 xrp usd bull flag resistance downtrend

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Ripple Bull Flag Breaks Downtrend Resistance | Source: TradingView

Charting Out Ripple’s Long Road To Recovery, Uptrend Confirmed By ADX Indicator

Although Ripple has done that in the past, assets don’t usually go up in price in a straight line. Any pullback after an over 100% rise, is not only probable but healthy.

Resistance at 40 cents and above haven’t been tested in over a year. Getting through it on the first try isn’t likely, and could present an opportunity for a much-needed pullback and consolidation before the next move up.

xrp usd inverse head and shoulders

Ripple Inverse Head and Shoulders Possible Scenario | Source: TradingView

Another, longer bull flag formation, would also form a right shoulder on a massive, multi-year inverse head and shoulders pattern. Years consolidating below the resistance level and the chart pattern confirming could result in the type of explosive move that Ripple has had in the past.

Related Reading | Silver Fractal: Are Crypto Altcoins On the Cusp of an Explosive Surge?

Medium-term targets would reach as high as $1.50 per XRP. Recently, a pair of analysts have called for the asset to reach as high as $26 or $30 per token in the long term. However, it is contingent on the cryptocurrency’s uptrend remaining strong.

xrp usd crypto adx

Ripple Average Directional Index and DMI 3D | Source: TradingView

According to the Average Directional Index, the uptrend in XRPUSD is only just getting started. The tool’s primary use is to measure the strength of a trend. The indicator also includes two Directional Movement Indicators, that if crossed determine if an asset is in an uptrend or downtrend.

The positive DMI or green line, is well above the red, bearish, negative DMI. The ADX is also just now passing a reading of 20, suggesting that this uptrend has a lot more to go.

The higher the reading, the stronger the trend. DMI+ is now at the second strongest reading since the 2018 top. With the ADX just picking up and DMI showing a powerful bull trend, Ripple’s recovery is here.

Disclaimer: Technical analysis is a practice based on probabilities, and should not be taken as investment advice.

Tags: altcoincryptoRipplexrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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