Ripple’s current trading position is below a key resistance level.
The price of the Ripple token has been steadily increasing over the past 440 days along an ascending support line. The highest point reached was $0.94 in July 2023.
However, the price has been declining since then. In January 2024, the price broke through the ascending support line, coinciding with a drop below an important horizontal support area.
Source: TradingView
The Weekly Relative Strength Index (RSI) is indicating a bearish signal, as it is below the neutral level of 50.
Analysts’ Views
Cryptocurrency traders and analysts on Platform X hold a positive outlook for Ripple.
XRP_Wizardry predicts a price range of $10-$13 during this bull run, while XRP_Avengers believes it could potentially reach $50.
Despite the lack of growth this year, CryptoBusy noted that overall their assets are still in profit territory.
“Patiently waiting for a bullish breakout of $XRP. Between 2017 and 2020, we bought XRP at an average price of $0.11 to $0.25 and sold *some* during the latest bull run. In 2022, we bought a large amount of XRP at an average price of $0.29 to $0.42. While some may think we're in the red on XRP, overall we're still in profit and optimistic. Just end this SEC/#Ripple thing this year.”
RealXRPWhale also shared rumors within the crypto community that the Securities and Exchange Commission (SEC) might resolve the conflict with Ripple.
XRP Forecast: Will the Price Breakout of the Bearish Trend?
On the daily timeframe, the chart shows mixed results for Ripple. The coin has been trading within a descending parallel channel since November, indicating corrective movements.
On January 31, the coin bounced off the channel support line, initiating an upward movement.
This growth was preceded by a bullish divergence in the daily RSI. However, the RSI has not yet crossed above the 50 barrier, which would confirm a bullish reversal.
Additionally, XRP is still trading below the critical $0.55 horizontal resistance zone, which has alternately acted as both support and resistance since August 2023. The price action in this area will likely determine the future direction of the trend.
Source: TradingView
A successful bullish breakout could lead to a 15% increase towards the channel resistance line at $0.61. Conversely, a rebound from the $0.55 level could trigger a 12% decline towards the immediate support at $0.47.
Telegram channel
Trusted
Disclaimer
All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only. The reader bears full responsibility for any actions they take based on the information received on our website.