Ripple XRP Price Consolidates Above Support
The Ripple XRP price has been consolidating above a horizontal support area for the past three months. However, it recently fell below this support but is now attempting to reclaim it. The question is, will it succeed?
Ripple Falls Below Horizontal Support
Upon analyzing XRP’s weekly technical analysis, it is evident that the altcoin has been increasing alongside an ascending support line since May 2022. In July, XRP broke through a crucial horizontal zone and reached a new high for 2023. However, this rapid ascent was unsustainable, leading to a decline and the formation of a steeper ascending support trend line.
Although XRP fell below the support area recently, it has once again validated the support trend line.
Analysts’ Views on XRP Price
Cryptocurrency traders and analysts are optimistic about the future price trend of XRP. RealXRPWhale believes that XRP will experience a significant pump due to a breakout from a descending resistance trend line. FLASH identifies a symmetrical triangle pattern and suggests that a breakout from it could accelerate the rate of increase towards $0.85. Cryptoes is also bullish because the price closed above horizontal support.
XRP Price Prediction: Today’s Drop
The daily time frame technical analysis also shows a neutral outlook for XRP. The price action indicates that XRP broke out from a horizontal resistance area and formed a symmetrical triangle. However, today’s drop broke down from the triangle, validating the support area once again. The RSI reading is below 50, indicating a bearish trend. The future trend will determine whether the XRP price bounces or breaks down from this area.
If there is a breakdown below $0.54, it could lead to a 25% decrease in the XRP price to the next support at $0.42. Conversely, a successful bounce could result in a 20% increase and a retest of the $0.67 resistance.
Hot Take: The Future of Ripple XRP Price
The Ripple XRP price has faced some challenges recently, falling below a crucial support area. However, the altcoin has managed to validate an ascending support trend line. Analysts remain optimistic about its future, citing breakout patterns and bullish indicators. As the XRP price continues to navigate through key levels of support and resistance, traders and investors will closely monitor its movement to make informed decisions.
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