XRP Price Continues to Decline
The price of Ripple’s XRP has fallen below a significant horizontal support area and has broken down from a long-term ascending support line. The bearish outlook is supported by readings from the weekly timeframe, which show a decrease in both the price action and the RSI.
Breaking Down the Bearish Trajectory
After reaching a new yearly high of $0.95 in July, the XRP price has been steadily decreasing. Despite expectations that the $0.56 horizontal area would provide support, the price decisively broke down from it.
In addition, XRP also broke down from an ascending support line that had been in place since the beginning of the year. This further confirms the bearish trend.
Next Support Levels
If the decline continues, the next support area for XRP is at $0.42, while the $0.56 horizontal area is currently 20% above the current price.
RSI Confirms Bearish Trend
The Relative Strength Index (RSI) is below 50 and falling, indicating a bearish trend. The RSI also broke down from an ascending support line, supporting the bearish outlook.
Ripple News and Hiring Overseas
Ripple’s news in September started on a positive note with its objection to the SEC’s appeal. However, due to regulatory concerns in the US, Ripple has been hiring overseas, with 80% of its hirings this year taking place outside of the United States.
Long-Term Outlook: Bullish or Bearish?
While immediate price predictions point to a continuing decrease, the long-term trend is still uncertain. The Elliott Wave theory suggests two valid wave counts, one bearish and one bullish.
The bearish count indicates that XRP has completed a corrective structure and will continue to fall. The bullish count suggests that XRP is in wave four of an upward movement and will bounce at a support line before increasing.
Most Likely Prediction
Based on the current analysis, the most likely XRP price prediction is a further decrease towards the closest support at $0.40. The future trend’s direction will depend on whether the price bounces once it reaches this level.
Hot Take: XRP Price Continues to Decline, but Long-Term Outlook Remains Uncertain
The price of Ripple’s XRP has been on a downward trajectory, breaking key support levels and confirming a bearish trend. While immediate predictions point to a further decrease, the long-term outlook is still undetermined due to conflicting wave counts. The RSI readings and hiring practices by Ripple indicate ongoing challenges for the cryptocurrency. As investors await further developments, the focus will be on whether XRP can find support at $0.40 and potentially reverse its decline.
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