The (XRP) price is nearing a long-term support level, which is expected to initiate a bounce. Failure to do so would put the bullish structure in doubt.
Long-Term Support
The XRP price has been increasing alongside an ascending support line since it reached a low of $0.10 on March 13. The rate of increase began to accelerate in the beginning of July and price continued to move upwards until it reached a high of $0.326 on Aug. 17. Afterwards, it began the current decrease that is still ongoing. The closest support and resistance levels are found at $0.230 and $0.325, respectively.

Wave Count
The most likely wave count until now is that the price has begun an upwards A-B-C correction (white) with the low reached on March 13. The C wave is made up by a bullish impulse (black), in which XRP is currently in the fourth wave. A target for the top of the movement is found at $0.365, which would give the A:C waves a 1: 1.61 ratio, common in A-B-C structures. The invalidation for this particular wave count would be above the July 11 high at $0.2115. While it is possible that this is an extended 1-2/1-2 wave count, it does not seem likely due to the shape of the price action.



XRP/BTC
Cryptocurrency trader @CryptoMichNL stated that the XRP price is nearing his target for the end of the correction, which is at 2,140 satoshis.

Disclaimer
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 Conditions, Privacy Policy, and Disclaimers have been updated.

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)
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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