It was reported that Ripple [XRP] wants to expand a payment pilot that runs through the ledger’s DEX. With credit pilots in motion, XRP in lending pools could fund Ripple’s payment customers, but a busy network need not translate to adding value to the token.
The XRP ETFs have seen positive monthly net flows for six months now. Yet, the 90-day Futures taker CVD has been negative for over a month now.
The high network activity in August helped drive XRP prices up, but exchange reserves were also on the rise. Here’s what the Ripple token price action is showing.
XRP price prediction – Bull market underway, but patience is needed
The bullish momentum in August was accompanied by a swing structure break (dotted green) that shifted the trend upward. Since then, the trend has not flipped in favor of the sellers.
After August’s strong surge in buying pressure, the CMF reached a peak of +0.29 but has since slumped to negative territory. For a few days in September, the volume indicator underlined heavy selling pressure as XRP’s price corrected toward $0.130.
The RSI remained above neutral 50 to indicate bullish momentum was in place, and the OBV was also in an uptrend since August but has seen a pullback over the past two weeks.
The $1.54 high from February was breached relatively recently, and the buyers have held on to the $1.45 local support.
Traders’ call to action – Watch the range and liquidation levels
The XRP price prediction hinges on the price breaking out of the short-term range (purple) that extends from $1.45 to $1.65. Over the past ten days, the altcoin has been stuck below the mid-range resistance at $1.55.
The 1-month liquidation heatmap highlighted $1.44 and $1.57 as the closest magnetic zones that could influence price movement. It is unclear which area would be swept first, but it appears highly likely that both areas would be swept before the next move.
The higher timeframe structure suggested that the next move would likely be bullish. Therefore, traders can look to buy in case of a failed breakdown below the $1.45 range low.
If the crypto market as a whole shows strength in the coming days, a bullish breakout past $1.55-$1.57 could also offer a buying opportunity.
Final Summary
- The XRP price prediction was bullish in the long term after its swing structure on the daily timeframe saw a bullish shift in August.
- In the short term, range-bound price action and sweeps of liquidity pockets could offer swing traders a chance to enter the market.