Ripple Price Prediction: XRP Steady Below $1 as Buyers Attempt to Regroup

Ripple recently published a three-page document that explained how existing financial regulatory frameworks could be used to advance innovation and enhance consumer and market protection. The report described the vision of the Californian firm, of a pragmatic regulatory framework for cryptocurrencies, blockchain-enabled payments and digital assets.

Ripple hopes for a regulatory framework that encourages the unleashed potential of cryptocurrency and blockchain technologies, while establishing important consumer and market protection at the same time. This report added some strength to the XRP/USD, pushing its prices higher on Wednesday.

Furthermore, the chief executive of Real Vision, Raoul Pal, has explained why he holds XRP, and how he sees the crypto asset’s risk/reward ratio. The former Goldman Sachs executive said that he had bought a position in XRP about a year ago, amid the US SEC lawsuit against the payments company Ripple, as a primary factor.

Pal explained that his purchase of XRP was entirely based on the court case. He said that the legal battle would resolve next year, which would add to the value of XRP. He said that he thought, when purchasing, that the price could not go anywhere from that level, as it had already been delisted everywhere, until the case was resolved. The comments by a former Goldman Sachs executive added further strength to the XRP/USD.

Ripple price prediction remains neutral as it tosses within a narrow range. For instance, the breach below $1 was a big blow for the bulls, and it will take time to recover. At the time of writing, the bears appeared fatigued, and it seems doubtful that the price will hit a lower low in the near future. Since the December 4 crash, XRP has reached higher lows, indicating that the downtrend has ended.

As the price consolidates, volume remains modest after the drop. This might last until the bulls and bears recover from the recent turbulence. The daily RSI is attempting to exit the oversold zone (30) and it is now at 28 points. If there is a reversal and it moves back over 30 points, XRP may break the primary resistance.

Although the MACD remains negative, the histogram is making higher lows. This is positive, and if it continues, the price may eventually rise.

XRP’s current bias is neutral. Therefore, the price may continue to consolidate between the main support and resistance levels for some time before attempting a breakout.

If the bears return to test the strength of XRP, a retest of the critical support at $0.75 is expected. This crucial level has been successfully defended twice, and it would be astonishing to see it break. All the best!