Ripple dipped below its support level, indicating a downward trend in the daily timeframe. Since July 2023, the coin’s price has been decreasing along a descending resistance line, with the line causing several price rebounds, the most recent one occurring in December. However, the token’s decline accelerated after that, leading to a break of the horizontal support area and a low of $0.49. The daily Relative Strength Index (RSI) is bearish, falling below 50 and approaching the oversold zone, suggesting further downward movement
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Looking at the daily chart, Ripple has been trading within a descending parallel channel since November 2023. While such channels typically contain corrective patterns, the fact that XRP is at the bottom suggests weakness. Some traders, like XRP Whale, believe that the price has reached the bottom and has formed a bullish Gartley pattern. Another trader, Cryptoes, also believes the price has bottomed, citing a bounce from the long-term support area. However, the lack of a significant rebound and the bearish RSI signal cast doubt on these bullish forecasts. If XRP breaks out of the channel in a bearish manner, it could drop by 12% to the nearest support at $0.44. On the other hand, a recovery above the $0.55 horizontal resistance area and the channel midline could trigger a 23% rise to the channel resistance line.
Keep in mind that this information should be used for informational purposes only, and any actions taken based on it are the responsibility of the reader.