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Ripple (XRP) Increase Stalls at $0.75 – Will Price Regain Footing?

3 mins
Updated by Geraint Price
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In Brief

  • The Ripple XRP price has fallen since reaching a high of $0.75 this week. The decrease has nearly taken XRP back to the $0.55 horizontal support area.
  • While the weekly time frame Relative Strength Index (RSI) is bullish, the daily time frame RSI and price action both give undetermined readings.
  • Since the trend is undetermined, whether the XRP price bounces at the $0.60 level and the RSI bounces at 50 can determine the future trend.
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The Ripple XRP price increase stalled despite a breakout from the $0.55 long-term horizontal resistance area.

Will the XRP price regain its footing and make another breakout attempt, or are new lows in store?

XRP Breaks out but Struggles to Maintain Increase

The technical analysis in the weekly time frame for XRP shows that the price has increased alongside an ascending support trend line since the start of the year.

During this time, the price broke out from the $0.55 horizontal resistance area and reached a new yearly high of $0.94 in July (red icon).

However, XRP failed to maintain its increase. Rather, it created a very long upper wick and fell, reaching the ascending support trend line again in August (green icon).

Read more: Best Crypto Sign-Up Bonuses in 2023

After bouncing at the trend line again in October, the XRP price broke out from the $0.55 area. XRP reached a high of $0.75 this week, but the XRP price increase stalled once more.

Rather, it created a long upper wick, and is nearing the $0.55 horizontal area.

XRP/USDT Weekly Chart
XRP/USDT Weekly Chart. Source: TradingView

The weekly Relative Strength Index (RSI), a momentum indicator, gives a positive reading.

When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true. The RSI is currently above 50.

Read more: (XRP) Ripple Price Predictions

What Do Analysts Say About Increase?

Cryptocurrency trader TonythebullBTC is extremely bullish on the XRP prospects for several reasons. He stated that:

“I find it challenging not to be bullish on XRP just glancing at this: BBW is the second tightest ever, %B is above 0.5 suggesting bullish price action, price poked out of the upper Bollinger Band – closing above it is a breakout buy signal.”

XRP Price Movement
XRP/USDT Weekly Chart. Source: X

Cryptoes_ta is also bullish since the price holds above the $0.60 minor support area. However, Naveed Ahmad expressed his skepticism after a 1.5% decrease since Nov. 13.

Ripple XRP Price Prediction: Will Price Regain Footing?

The technical analysis from the daily time frame gives a mixed reading.

On the positive side, XRP broke out from a descending resistance trend line on Oct. 19. The trend line had been in place for 98 days at the time of the breakout.

XRP: Everything You Need to Know About Ripple Labs’ Currency! Source: YouTube

After breaking out, the XRP price was rejected by the 0.618 Fib retracement resistance level on Nov. 13. This created a long upper wick (red icon) and validated the $0.74 area as resistance. XRP has fallen since the rejection.

Read more: How To Buy XRP and Everything You Need To Know

The daily RSI is also mixed. While the indicator is decreasing, it is still slightly above 50. Additionally, it is approaching the bullish divergence trend line (green) that preceded the entire increase.

So, whether the RSI bounced at the 50 level can determine the future trend.

A successful RSI bounce alongside a XRP price bounce at the $0.60 support can lead to an increase. This could cause a breakout from the 0.618 Fib resistance and a 50% increase to the next resistance at $0.94.

XRP/USDT Daily Chart
XRP/USDT Daily Chart. Source: TradingView

Despite this bullish XRP price prediction, a close below the $0.60 horizontal support area can cause a 25% drop to the next closest support at $0.50.

For BeInCrypto’s latest crypto market analysis, click here.

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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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