Ripple’s XRP Price Falls Below Long-Term Support
The price of Ripple’s XRP has been on a downward trend since reaching its yearly high in July. It has broken below a long-term ascending support line, indicating a bearish outlook. The Relative Strength Index (RSI) readings and Elliott Wave count also support the continuing decrease in the short term. Despite this, the XRP community remains optimistic and expects higher prices by the end of the year.
Technical Analysis Points to Bearish Projection
An analysis of XRP’s weekly time frame shows a pessimistic outlook. Both the RSI readings and price action indicate a bearish trend. The price broke below the $0.56 horizontal level, which was expected to act as support. Additionally, it breached an ascending support line established earlier this year, confirming the bearish trend. The nearest support zone is at $0.42, while the $0.56 area stands 20% higher than the current price.
RSI and Bearish Trend
The RSI is an essential tool for traders to assess market momentum. Currently, the RSI is positioned below 50 and decreasing, indicating a bearish trend. It has also broken below an ascending support line, further confirming the downward movement.
Ripple vs. SEC Case and Blackrock’s Focus on XRP
In the ongoing Ripple vs. SEC case, the SEC has appealed the court’s decision that favored Ripple. Investment giant Blackrock has allegedly shifted its focus to XRP instead of Bitcoin.
Uncertain Long-Term Trend
There are two valid wave counts currently in play, leading to uncertainty about XRP’s long-term trend. One scenario suggests a completed corrective structure and a continued descent in price. The other scenario proposes that XRP is in the fourth wave of an upward movement and predicts a rebound at a long-term support level.
Top Crypto Analysts’ Predictions
Most top analysts on Twitter are bullish on XRP’s price. They predict an increase above $1, with some even suggesting targets above $10. However, there is a discrepancy between bullish and bearish sentiments, with some accounts offering bullish posts without analysis.
Hot Take: XRP Price Prediction
The XRP price has fallen below long-term support, indicating a bearish trend. While there is optimism among the XRP community for higher prices by year’s end, technical analysis points to a continuing decrease in the short term. The RSI readings and Elliott Wave count support this bearish projection. However, there is uncertainty about the long-term trend due to conflicting wave counts. Top crypto analysts on Twitter are mostly bullish on XRP’s price, predicting an increase above $1. Overall, the future course of XRP’s price will depend on whether it rebounds upon reaching the nearest support level at $0.40.
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