Here’s why XRP could hit $0.22
Our Ripple price prediction is still bearish as the price did not generate a reversal signal. XRP fell to $0.34 on the 12thand May 2022 when Bitcoin price was $24,500. This was followed by a relief rally which lowered the price to $0.47 but was rejected from that level. As of this writing, Ripple XRP is trading at $0.39 and appears to be in a bearish accumulation.
Since our last update on Ripple crypto, not much has changed as the price is still trading in the same range. However, as Bitcoin price is still trading below the $30,000 level, many analysts believe that the worst is yet to come for XRP.
The ongoing SEC lawsuit has shattered most holders’ dreams, as Ripple’s price couldn’t do much during last year’s bull run. In fact, the coin is still down 88% from its all-time high of $3.40 in 2018. Nonetheless, many holders are still anticipating bullish price action once the SEC lawsuit against Ripple is over.
According to Ripple News today, the company is exploring the prospects for an initial public offering. However, according to CEO Brad Garlinghouse, the company is awaiting completion of the ongoing US Securities and Exchange Commission lawsuit.
Ripple Price Prediction
On Thursday, the price of Bitcoin fell to $27,000 in the first significant bearish move since hitting the low of $24,500. However, prices immediately rallied above $29,000 when the markets opened. Technical analysis of the XRP crypto price chart suggests that it is stuck in the $0.37-0.46 price range.
Due to the prevailing risk approach in the market, XRP may retest its 12and May low of $0.33. Any daily close below this level could trigger another bearish move. $0.22 could be a valid Ripple price prediction in such an extremely bearish scenario. Indeed, no major support exists before the $0.22-026 region. Any bullish price action is unlikely until the price regains the $0.66 level.