Ripple’s XRP Price Breaks Resistance Line, Falls Since
Ripple’s XRP price recently broke out from a resistance line that had lasted for 700 days, resulting in a peak of $0.94 for the year. However, the price has since fallen, highlighting the significance of the $0.90 resistance zone.
- The long-term trend remains bullish due to the successful breakout.
- The short-term trend is approaching a crucial level that will determine its direction.
- Positive reports and predictions for XRP’s price increase optimism.
- Ripple addressed misconceptions about the positive ruling in its case against the SEC.
- Gemini Exchange hinted at potentially listing XRP.
XRP Price Loses Momentum After Rejection
After crossing the $0.54 resistance level, XRP formed a bullish candlestick pattern. It then reached the $0.90 resistance but faced rejection within the same week. Currently, XRP’s trading position is closer to the $0.54 support.
- A drop below the $0.54 support would mean a 12% decrease.
- A rise above the $0.90 resistance would result in a 45% increase.
- The weekly RSI indicates a neutral reading and an undetermined trend.
XRP Price Prediction: Bullish Structure at Risk
The short-term analysis suggests a bullish outlook for XRP, but the bullish structure is at risk of being invalidated.
- The wave count indicates that XRP is nearing the bottom of wave four in a five-wave upward movement.
- The most likely target for the next upward movement is $1.10.
- The price fell below the 0.618 Fib retracement support level, making the count less probable.
- Reclaiming the 0.618 Fib level would support the correct count.
Hot Take
Ripple’s XRP price experienced a breakout from a long-standing resistance line, leading to a peak for the year. However, the price has fallen since, and its short-term trend is uncertain. Positive reports and predictions provide optimism, but the price must overcome key levels to maintain a bullish trend. Falling below certain support levels could result in a bearish shift. Overall, XRP’s future remains uncertain and dependent on various factors.
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