The price of Ripple (XRP) currently stands around $0.24 which is still far away from the XRP price predictions for 2020 year. Ripple has found strong support above the $0.20 level and the technical picture implies that the price may recover in the upcoming period. If you want to buy Ripple, the current price level represents good value for what you pay and maybe now could be a good time to buy this cryptocurrency.
Fundamental analysis: Volumes are expected to increase
In my opinion, Ripple has a very good risk/reward ratio on the cryptocurrency market currently and investors in this cryptocurrency stand to gain a lot more for taking a comparatively smaller risk. Ripple is constantly adding new clients and it is important to mention that many financial institutions are using the Ripple protocol in order to transfer money.
More than a third of the world’s 100 largest banks have tested or are already using this payment technology. Some important names include Bank of America, UniCredit, Global Payments Steering Group, UBS & Santander, Barclays PLC, Mitsubishi UFJ Financial Group and others. Ripple CEO Brad Garlinghouse said that transaction volumes of this cryptocurrency are expected to increase several times in 2021 and the customer base is expected to grow by 30-40%.
Once this happens, the price of this cryptocurrency will be at much higher levels and Ripple could be one of the best performers on the cryptocurrency market in the upcoming period. According to analysts, the forecast growth does not appear unrealistic and Ripple’s cross-border payment technology will be adopted by many more financial institutions.
Technical Analysis: Bulls are focused on breaking strong resistance level at $0.30
The technical picture implies that the price reached the bottom, but is it ready for a rebound? Let’s have a closer look at the chart below.
Data source: tradingview.com
According to the rules of technical analysis, the main trend of this cryptocurrency is neutral-bullish. The current resistance levels are $0.28 and $0.30, $0.20 represents the strong support level.
If the price jumps above $0.28 it would be a “BUY” signal and we have the open way to $0.30. Rising above $0.30 supports the continuation of the bullish trend and the next price target could be located around $0.35. If the price falls in the upcoming period, every price in a range from $0.15 – $0.20 could be a very good opportunity to buy Ripple.
If you are looking for a cryptocurrency with a good return, Ripple can be a profitable investment option according to estimates. Ripple is constantly adding new clients and it is important to mention that many financial institutions are using the Ripple protocol in order to transfer money. If the price jumps above $0.28 it would be a “BUY” signal and we have the open way to the $0.30 resistance level.