Ripple (XRP) Price Prediction and Analysis in February 2021
As the market for altcoins shows signs of bullish movements, investors are becoming more and more interested in such assets, especially because Bitcoin is considered too expensive for most people. One of the altcoins that is trying to break out against all odds is Ripple’s XRP. We will look at XRP price prediction and analysis for February 2021 to help you make a decision on whether to buy or not.
Ripple (XRP) Overview
XRP is the primary token used to provide liquidity for cross-border payment on the Ripple payment network, RippleNet. Ripple uses a distributed ledger technology (DLT) to provide payment services to several financial institutions around the world. XRP is currently the 5th largest cryptocurrency by market capitalization after it was displaced by Tether (USDT) in 2020 and Polkadot (DOT) recently.
According to Coin Market Cap, the asset has a market cap of $13,090,497,301. There are 45,404,028,640 XRP in circulation, and $4,753,484,878 worth of it has been traded in the last 24 hours. The current XRP price is $0.2895.
Ripple (XRP) Price Prediction: Analysis
2020 was a bumpy ride for XRP. Sadly, the same trend has continued this year and could get worse. The cryptocurrency, which was the third-largest, has been replaced twice to now become the 5th largest. This is as a result of the stagnation in the price for some time now. Since the bull run in November 2020, which XRP benefited from, it has been on a downward trend until recently.
The price got to the yearly peak of over $0.7 on 25 December 2020 but has been dropped sharply since then. This got worse when the SEC filed a lawsuit against Ripple, which led to the delisting of the asset on some major exchanges. The price dropped to $0.17 for the first time in the year but has since bounced back above $0.2 on the same day.
This year, XRP hit its YTD price of $0.355 on 7 January and has only dropped below $0.3 briefly but has been hovering around that price most of the time.
Looking at the daily analysis chart, XRP just printed two green candles for the first time in the last four days. Although this is a good sign, some indicators, such as Moving Averages, suggest otherwise. The 20 MA, for instance, crossed below the 100 MA since January 4 and is not even close to crossing back up.
However, the 50 MA remains on top of the 100 MA. This is technically positive, as the shorter-term 50 MA is above 100MA. Overall though, a clear bullish pattern may not be established until the 20 MA crosses above the two.
Another key metric, which is the Relative Strength index, suggests that there may be hope. The RSI currently shows an oversold condition at just over 48. This means that buyers can take control, and this will potentially drive the price up. According to a recent analysis, XRP is on the verge of breaking upward to $0.4 as it has been consolidating. This will be the first time the asset crosses above this level since November 2020.
The current green candles may be the start of that upward break (or not), but it remains to be seen as time passes. Below are important support and resistance levels to guide traders in their decisions as calculated by Walletinvestor:
- Resistance Level (R3): 0.3048;
- Resistance Level (R2): 0.296;
- Resistance Level (R1): 0.290;
- Pivot Point: 0.282;
- Support Level (S1): 0.276;
- Support Level (S2): 0.267;
- Support Level (S3): 0.262.
Several top exchanges have decided to delist XRP following the court case against Ripple and its executives. The latest of these exchanges is Kraken, which delisted XRP 4 days ago. The trading of XRP is, however, halted only for US residents as the US SEC is the one alleging that XRP is a security and not a cryptocurrency. The delisting is to take place on or before 29 January, but US residents will still be able to deposit, hold, or withdraw XRP from the exchange. The announcements did not state how long the ban will last but that the exchange is monitoring the case and will adapt according to any new developments.
Ripple (XRP) Price Prediction: Market Opinion for February 2021
The following are the XRP price prediction opinions of some top websites that you may find useful.
Walletinvestor predicts that between now and 2 February, XRP could reach a high of $0.354 and a low of $0.168.
Longforecast expects XRP to start the month of February at $0.27, reach a high of $0.35, and the lowest price of $0.22 before closing the month at $0.27 again.
This website foresees the XRP price to be at $0.3878281 at the start of February. The price may reach a high of $0.4865302, a minimum price of $0.3308405 and close the month at $0.3892241.
This website is very bearish on XRP. It predicts that XRP will open February at $0.1024. The best possible price is 0.11776, and on 6 February, the price is expected to come to zero as shown in the table below:
|Calendar date||Regular||Least possible price||Best possible price|
|2021 February 01, Monday||0.126||0.1071||0.1449|
|2021 February 02, Tuesday||0.0534||0.04539||0.06141|
|2021 February 03, Wednesday||0.07048||0.059908||0.081052|
|2021 February 04, Thursday||0.0714||0.06069||0.08211|
|2021 February 05, Friday||0.0357||0.030345||0.041055|
|2021 February 06, Saturday||0.0132||0.01122||0.01518|
|2021 February 07, Sunday||0.0391||0.033235||0.044965|
|2021 February 08, Monday||0.04069||0.0345865||0.0467935|
|2021 February 09, Tuesday||0.0731||0.062135||0.084065|
|2021 February 10, Wednesday||0.142||0.1207||0.1633|
|2021 February 11, Thursday||0.121||0.10285||0.13915|
|2021 February 12, Friday||0.147||0.12495||0.16905|
|2021 February 13, Saturday||0.153||0.13005||0.17595|
|2021 February 14, Sunday||0.164||0.1394||0.1886|
|2021 February 15, Monday||0.187||0.15895||0.21505|
|2021 February 16, Tuesday||0.174||0.1479||0.2001|
|2021 February 17, Wednesday||0.176||0.1496||0.2024|
|2021 February 18, Thursday||0.180||0.153||0.207|
|2021 February 19, Friday||0.184||0.1564||0.2116|
|2021 February 20, Saturday||0.179||0.15215||0.20585|
|2021 February 21, Sunday||0.147||0.12495||0.16905|
|2021 February 22, Monday||0.124||0.1054||0.1426|
|2021 February 23, Tuesday||0.123||0.10455||0.14145|
|2021 February 24, Wednesday||0.115||0.09775||0.13225|
|2021 February 25, Thursday||0.1028||0.08738||0.11822|
|2021 February 26, Friday||0.0980||0.0833||0.1127|
|2021 February 27, Saturday||0.1055||0.089675||0.121325|
|2021 February 28, Sunday||0.0947||0.080495||0.108905|
Ripple (XRP) Price Prediction: Verdict
XRP may have a brighter future ahead. However, because of the challenges Ripple is facing, investors are kind of skeptical. It will be interesting to see if the price goes to zero as Gov.capital has predicted.
Featured image: ethereumworldnews.com