The Ripple XRP price has decreased since July and recently dropped below the crucial support level of $0.53.
A recent job posting has sparked speculation of a potential Ripple Initial Public Offering (IPO). The question now becomes: Can the XRP price recover?
Ripple Continues Descent Below Support
The weekly technical analysis shows that the XRP price has been mired in an ongoing decrease since July when it traded at its yearly high of $0.94.
The downward movement culminated with a low of $0.42. This caused a breakdown from the $0.53 horizontal support area.
Read More: Best Crypto Sign-Up Bonuses in 2023.
Following a brief rebound, the price temporarily rose above the $0.53 level but failed to maintain it, as indicated by consecutive long upper wicks (red icons). Last week, the decline resumed.
The XRP price has followed a long-term ascending support trendline since June 2022.
Some interesting Ripple news hit the market today. A new job opening for the “Shareholders Communication Senior Manager” position has created speculation among X users that Ripple Labs is considering an IPO.
An IPO marks the initial sale of a company’s stock to the public. Before an IPO, the company is typically privately owned and financed by investors like its founders and venture capitalists.
This also comes shortly after Ripple Labs CFO Kristina Campbell announced her departure from the company.
Finally, the Ripple Swell conference is approaching. The flagship event will be held on November 8-9 and will have numerous speakers, including Brad Garlinghouse, the CEO of Ripple Labs.
XRP Price Prediction: What Does the RSI Say?
The weekly Relative Strength Index (RSI) supports the ongoing downward XRP trend.
Traders use the RSI as a momentum indicator to assess whether a market is overbought or oversold and decide whether to buy or sell an asset.
An RSI reading above 50 in an upward trend favors the bulls, while a reading below 50 suggests the opposite. The RSI is falling below 50, both of which are signs of a bearish trend.
Additionally, the RSI has broken below an ascending support trendline (green) that had been in place since July, further supporting the ongoing decline in XRP‘s price.
If the downward trend persists, XRP could potentially drop by another 20% and reach the previously mentioned long-term ascending support trendline at $0.40.
However, despite this bearish XRP price prediction, a weekly close above $0.53 would indicate a bullish trend is still in play.
In such a scenario, the price could rise by 55% and reach the next resistance level at $0.75.
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