Ripple’s XRP Price Analysis: Bearish Trend Continues
The XRP price experienced a brief bounce on August 7, but it failed to sustain its increase. On August 17, the price drop invalidated a bullish XRP count that would have taken it to $1. If the current pattern breaks down, there is a possibility of a 28% fall, reaching the $0.35 horizontal support area.
Main Breakdowns:
- The technical analysis from the daily time frame suggests a bearish outlook for XRP.
- The wave count and price action point towards a downward trend.
- The XRP price fell below the invalidation level at $0.56, indicating a decrease.
- A breakdown from the channel could result in a 28% drop to the $0.35 support area.
- The daily RSI is bearish, indicating a potential bearish trend.
A closer look at the movement of XRP price does not provide hope for a bounce. The price has broken out from a short-term descending resistance line and failed to validate it as support. Additionally, the RSI is decreasing and remains in oversold territory, pointing to weakness. Reports regarding Ripple are mixed, with the Ripple legal team opposing the SEC’s request for an appeal of the July ruling, while U.S. Congressman Warren Davidson criticizes the XRP community for being defensive of the Ripple CBDC venture.
In conclusion, the trend for XRP price prediction is bearish. Although a strong bounce could potentially lead to a 25% increase to $0.63, there are currently no immediate signs supporting this possibility.
Hot Take:
The XRP price faces significant challenges in its attempt to regain bullish momentum. The invalidated bullish count and bearish technical indicators suggest a continued downward trend. It remains to be seen whether any positive developments can reverse this bearish sentiment in the future.
By
By
By
By
By