Ripple's Fate: Can XRP break the $1 barrier?
Date: 2023-09-13 Author: Dima Zakharov Categories: BLOCKCHAIN, IN WORLD
Weekly Bearish Signals for Ripple (XRP) - What Lies Ahead?
The weekly chart for Ripple (XRP) paints a gloomy picture. In July, XRP reached a new annual high at $0.95, but since then, it has been on a downward trajectory. The descent continued below the crucial $0.56 horizontal support area, which had alternated between support and resistance since April 2021.
The token then broke below the ascending support line, which had been present on the chart since the beginning of the year. This confirmed previous bearish signals, indicating a bearish trend.
If the decline persists, the next immediate support area to watch is at $0.42, which is 12% below the current price. On the flip side, the $0.56 horizontal area sits 20% above the current price.
The Relative Strength Index (RSI) is below the 50-mark and declining, further affirming the bearish trend. Additionally, RSI broke the ascending support line (green line), adding another bearish signal.
XRP Forecast: Up or Down?
Meanwhile, wave analysis suggests that there are still two viable scenarios in play, so the long-term direction remains uncertain.
The bearish scenario (black color) suggests that the Ripple price has completed the formation of an A-B-C corrective structure (black color). If this analysis is accurate, the price will continue to drop and break below the 2022 lows at $0.29 (red line).
The bullish scenario assumes that XRP is in the fourth wave of a five-wave bullish price structure (white color). The growth has taken the form of an initial expanding diagonal, leading to an overlap of the fourth and first waves.
If this analysis holds true, the price will rebound from the long-term ascending support line at $0.40 and then rise towards the long-term resistance ascending line at $1.25.
