See More

What the Latest Ripple (XRP) Price Movement Says About Its Future

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • XRP is trading below resistance at $0.530.
  • It is trading inside a symmetrical triangle.
  • XRP could be in wave four of a five-wave increase.
  • promo

The Ripple (XRP) price is currently consolidating beneath a crucial resistance region inside a neutral pattern. There is a possibility that it may attempt to break out again soon.

According to the technical analysis of the daily timeframe, XRP’s price has been consolidating since it reached its peak for the year on March 29. This consolidation occurred after the price was turned away from the resistance area at $0.530. After reversing on April 3, the price was rejected again on April 11. This created a higher low (red icon).

While the daily RSI has not generated any bearish divergence and is above 50, it is decreasing, thus providing mixed signs.

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

If the digital asset succeeds in breaking out, it may reach the next long-term resistance level at $0.650. Conversely, if the price is rejected, it may drop to the closest support level at $0.425.

Will XRP Price Break Out?

Upon closer analysis of the XRP token price history and wave count on the 12-hour time frame, it appears that the price is currently in wave four of a five-wave increase (white). This is a bullish sign for XRP’s future price. It indicates that it could break out from the $0.525 resistance area and move toward $0.650.

The type of structure created in what is wave four will determine the future trend. Currently, the most probable pattern for completing the corrective wave is a short-term symmetrical triangle. On April 3, the Ripple price rebounded at the intersection of the triangle’s support line and the 0.382 Fib retracement support level (white).

Therefore, it is possible that this was the correction’s low point, and a breakout may soon follow. The choppy movement inside the triangle supports this. The XRP price today is approaching the end of the triangle, indicating a decisive movement is expected.

XRP Price Wave Count
XRP/USDT 12-Hour Chart. Source: TradingView

Even a breakdown from the triangle would not invalidate the bullish structure, since it would mean that the price could bounce at the 0.5 Fib level at $0.466 instead. However, if the price falls below the wave one high of $0.433 (red line), this scenario would be invalidated. Then, the XRP price could drop toward the $0.350 support level.

To conclude, the most likely XRP price forecast is an increase toward the $0.650 resistance area. But, a drop below $0.433 could trigger a fall toward $0.350.

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

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

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 ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
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)
READ FULL BIO
Sponsored
Sponsored