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After struggling to test resistance at $2.00, Ripple seems to be showing resilience lately, which means it’s time to issue this XRP price prediction. The altcoin has a market capitalization of around $43,401,394,157 and a 24-hour trading volume of $4,345,398,989 at the time of writing. This makes it the seventh-largest cryptocurrency by market capitalization after being toppled by the BINANCE Coin. It has a circulating supply of 46.15B XRPs and a maximum supply of 100,000,000,000 XRP.
XRP Price Prediction: Technical Analysis
Before we delve into making an XRP price prediction for 2021, we’ll go through some of the technical things that happened in 2020 to understand the trajectory of the coin. In 2020, the price of XRP was largely stable, but, of course, there were bullish trends that didn’t last long. In July of the same year, we witnessed a bullish trend that didn’t last long. However, in November, altcoin had a value of almost 0.7 USD, as shown in the chart below.
Since then, the XRP price has been oscillating between bullish and bearish trends, forcing us to use technical analysis to make a reliable XRP price prediction for June and 2021. So, what could be the reason?
Ripple, unlike Bitcoin, is mainly used by banks to provide a network for faster payment processing. The network, RippleNet, performs cross-border payments in real-time, making it the option of choice by most banks. Therefore, whenever a major bank agrees to use the network, the price of XRP responds by surging.
In August 2020, the price increase of XRP was largely driven by market sentiment after HDFC Bank Limited, the largest bank in India, embraced the RippleNet Network. That was later followed by the rally witnessed in November, when Ripple officially updated its website to confirm its partnership with the Bank of America.
Another significant development occurred in December. COINBASE has announced that it supports the Flare network’s Spark airdrop token. The news was good to the Ripple community because the airdrop provides smart contract functionality to XRP. Expectedly, the price of XRP rose after the news. The short-term rally was sustained because, like Coinbase, Binance has announced their support of the SparkAirdropProgram for XRP holders.
Since April 2021, the price of XRP has been on the increase, almost hitting the $2.0 mark on the 14th date, as indicated below. Then, the coin had maintained a bearish streak, which was characterized by strong reversals in both directions that lasted until the end of April when the price started to gain, though moderately.
On May 6, XRP almost touched its highest price of the month, falling slightly below the $1.7 mark.
The recent price swing in XRP could be explained by extended sell-offs of the coin caused by the ongoing legal tussle between the SEC and Ripple that started in December. Lately, Ripple CEO Brad Garlinghouse confirmed that the US lacks regulatory clarity on cryptocurrency, and this has an impact on XRP’s price.
XRP Price Prediction: Market Opinions
In making our XRP price prediction, we will focus on what authoritative forecasting sites have to say about the evolution of the XRP price in the coming months.
TradingBeasts
TradingBeasts believes that the price of XRP will close the month of June at around $1.2358530, entering the month of July within the range. At the time, the prediction site believes the minimum price will be $1.0579828, with the maximum price expected to oscillate to the $1.5558570 mark at the close of June.
By the end of the year, TradingBeasts expects that XRP will have an average price of $1.35074, with a minimum price of $1.14813 and a maximum of $1.14813.
Month Minimum Price Maximum Price Average Price Change
July 2021 1.10218 1.62085 1.29668 24.68 %
August 2021 1.11048 1.63305 1.30644 25.62 %
September 2021 1.11929 1.64602 1.31682 26.62 %
October 2021 1.12832 1.65930 1.32744 27.64 %
November 2021 1.13815 1.67374 1.33900 28.75 %
December 2021 1.14813 1.68842 1.35074 29.88 %
Walletinvestor
Walletinvestor provides a 14 days price prediction for XRP as shown below:
Date Price Min Price Max Price
2021-06-05 0.896 0.719 1.072
2021-06-06 0.879 0.689 1.057
2021-06-07 0.9062 0.735 1.100
2021-06-08 0.945 0.770 1.144
2021-06-09 0.899 0.7046 1.098
2021-06-10 0.834 0.657 1.021
2021-06-11 0.792 0.6047 0.973
2021-06-12 0.7022 0.524 0.896
2021-06-13 0.685 0.5080 0.855
2021-06-14 0.712 0.549 0.898
2021-06-15 0.751 0.573 0.912
2021-06-16 0.7048 0.520 0.871
2021-06-17 0.640 0.465 0.829
2021-06-18 0.598 0.421 0.778
For the remaining days until mid-month, they predict that the price will hit its highest mark at $0.843. The maximum price will be $0.988 and the minimum – 0.7045. Generally, based on the last 30 trading days, Walletinvestor shows that the altcoin is on a bearish mode.
As for the remaining part of the year, Walletinvestor anticipates that the price of XRP will close 2021 at around $1.3, with a high of around $1.6 and a low of around $1.0. The forecast is illustrated below:
Gov.capital
From the 14-day forecast above, Gov.capital predicts that XRP price will hit its highest point on 8th at $0.9 and lowest on 12th at $0.3. By the close of two weeks, it will be trading at the $0.3 range after a minor correction.
Gov.capital’s long-term XRP price prediction shows that the coin will close the year at slightly above the $1.0 as shown below:
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Fetured image: quoteinspector.com
