Will Ripple Finish 2023 with a New Record?
Date: 2023-12-23 Author: Dima Zakharov Categories: IN WORLD
Ripple Trades Above Key Support
On a technical analysis of the weekly timeframe, XRP has been following an upward support trendline since May 2022. In April 2023, its price surged, reaching a new yearly high of $0.94. However, it retraced afterward, forming a long upper wick and confirming a long-term horizontal resistance area.
October Rebound for Ripple
In October, Ripple regained its footing. The weekly Relative Strength Index (RSI) supports further growth, with the indicator above 50, indicating a bullish trend.
Mixed Analyst Opinions
Cryptocurrency traders and analysts on Twitter have mixed opinions about XRP's future trend. Some, like @MisterChoc, remain cautious due to XRP's current price level, similar to 2018 and 2020.
@Louie, on the other hand, is bullish, expecting XRP to break out of a long-term symmetrical triangle.
@ChloeXRP is also bullish, with ambitious price targets of $1.81, $2.96, and $5.50. She plans to take profits around the $5 mark and buy back at lower prices during a potential pullback.
Lastly, @Egragcrypto predicts a swift rise for Ripple, with a target of $5.50.
2023 Price Forecast
The technical analysis of the daily timeframe leans toward a bullish trend. XRP bounced off a long-term descending resistance trendline in October and a short-term trendline in December.
On December 18, XRP bounced above this line, forming a long lower wick. However, the daily RSI hasn't confirmed this breakthrough, remaining around the 50 level. Nevertheless, Ripple still trades above the minor horizontal area at $0.60.
If the uptrend continues, XRP could rise by 20% to the Fibonacci 0.618 level at $0.75.
Despite this bullish outlook, closing below the $0.60 area could negate the breakthrough, potentially causing a 25% drop to the next nearest support at $0.47.
