What if it misses the 400 day support?
The price of XRP is in danger of rallying from the uptrend line of support for almost 400 days.
XRP has broken out of a short-term bearish pattern, another sign of a bearish trend. Is this the start of a long-term correction?
Will XRP Break Long Term Support?
The weekly time frame technical analysis shows that since the beginning of 2023, the price of XRP has increased with an upward support trend line. However, the price has decreased since then.
After several supports at the support trendline (green icons), XRP is finally breaking out of it, although it has yet to reach the weekly close. So far, the XRP trend line is around 400 days.
The weekly Relative Strength Index (RSI) provides a dull reading. Traders use the RSI as a momentum indicator when evaluating market conditions to determine whether the market is overbought or oversold and whether to stock or sell the asset.
If the RSI reading is above 50 and the trend is up, the bulls still have an advantage, but if the reading is below 50, the opposite is true. The indicator is below 50 (red circle) and falling, both are signs of a bearish trend.
Read more: How to buy XRP and everything you need to know
What do analysts say?
Despite the slowdown, cryptocurrency traders and analysts on X are still bullish. Bit_Lux believes the price will rise above $1 soon.
TradeByte says:
TD Series Indicator Blinking Signal Buys Between Recent Dives! Despite bearish pressure, I see a reversal highlighting a buying opportunity here!
Ultimately, Rob Art believes the reduction is just a healthy correction.
Read more: How to sell Ripple
XRP Price Prediction: Where Next?
The six-hour time frame readings are in line with the daily, which supports the possibility that XRP will continue to fall. As the chart shows, XRP has declined to a bearish resistance trendline from July 2023. The trend line has been confirmed several times, most recently in December (red icon).
Additionally, XRP price traded above the $0.52 horizontal area, forming a descending triangle when paired with the resistance trendline. XRP crashed out of the area yesterday.
The six-hour RSI is below 50 and will continue to decline.
A breakout that travels the entire height of the pattern (black arrow) takes XRP to the nearest support at $0.34, a 33% drop from its current price.
Although this is a bearish XRP price forecast, a recovery of the $0.54 area will break the breakout and may lead to the 20% downtrend resistance line.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
