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Ripple Price Prediction: Can XRP Price Bounce Back?

2 mins
Updated by Geraint Price
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In Brief

  • XRP has broken out from a long-term descending resistance line.
  • There is long-term resistance and support at $0.58 and $0.32.
  • XRP is following an ascending support line.
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The XRP (XRP) price is trading above a long-term horizontal support area and ascending support line. Whether it breaks down or bounces will likely determine the direction of the future trend.

The price action from the weekly chart shows that XRP had been decreasing underneath a long-term descending resistance line since April 2021.  It made four unsuccessful attempts (red icons) before falling to a low of $0.28. 

Afterward, the Ripple price broke out from the line in Sept. 2019. However, it was rejected by the $0.58 resistance area and had been decreasing since. 

The most bullish development is currently the fact that the decrease validated the previous resistance line as support (green icon). This is common after breakout. 

However, the RSI gives conflicting signs. On the one hand, the bullish divergence trend line is still intact. On the other, the indicator is below 50. 

Therefore, whether the XRP coin price breaks out above the $0.58 resistance area or down from the $0.32 support area instead will likely determine the future price prediction. 

XRP Price Prediction Weekly
XRP/USDT Chart By TradingView

XRP Price Forecasts: Daily Chart Leaning Bearish

The daily chart shows that the XRP price decreased sharply since Nov. 5. This was more likely due to fallout from the FTX fiasco, rather than any news related to XRP.

The decrease caused a breakdown from the $0.44 support area, which is now expected to act as resistance. The ensuing low validated an ascending support line, in place since June 13.

While the XRP price bounced over the past 24 hours, it failed to create a bullish engulfing candlestick (highlighted). Additionally, the RSI is still below 50, even though it has bounced outside of its oversold territory.

In similar fashion to the weekly chart, whether the Ripple price breaks down from the support line or breaks out from the resistance line will determine the direction of the future trend.

XRP News Drop
XRP/USDT Chart By TradingView

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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