Can Ripple reverse its recent downward trend?

Ripple XRP price broke from its long-term upward support trend line in October 2022.

XRP is also trading in a short-term correction pattern and is approaching the confluence of support levels. Is it enough to start the bounce?

Ripple is broken from long-term support.

According to weekly timeframe technical analysis, XRP price broke from its long-term upward support trendline last week. The trend line existed for 450 days before the collapse.

Last week’s close was the first time the trend line closed below it since it was first created in October 2022. This also caused XRP to decline below an important horizontal support area.

The Relative Strength Index (RSI) on a weekly period legitimizes the analysis. When assessing market conditions, traders use RSI as a momentum indicator to determine whether the market is overbought or oversold and whether to accumulate or sell.

If the RSI reading is above 50 and the trend is up, bulls still have an advantage, but the opposite is true if the reading is below 50. When the price breaks out of the trend line, the indicator falls below 50 (red circle).

What are analysts saying?

Cryptocurrency traders and analysts at X are positive about the future trend of XRP.

Ali Martinez, Global Head of News at BeInCrypto, predicts prices will rise over the next four weeks using the TD Sequential Indicator.

CryptoGeek announced. American Express and Ripple collaborate, tweet:

BREAKING NEWS: American Express has verified its collaboration with: #rippledeclare adoption $XRP For payment transactions. Ripple Labs has officially acknowledged that American Express is utilizing it. $XRP Within the RippleNet system.

analyst Edward Farina believes that the price of XRP will reach thousands of dollars. Because the IMF has already decided. He tweeted:

“that much $XRP The price has already been set by the IMF and is in the thousands of dollars.” The official price of gold is set twice a day (10:30 am and 3:00 pm GMT). This is called “Gold Fixing” and is decided by the LBMA. I could really see it. $XRP This is the price set by the IMF or BIS a long time ago.

XRP Price Prediction: Where Will the Breakdown Lead?

The weekly timeframe is clearly bearish, but the daily timeframe suggests that the XRP price will hit bottom soon. This is because the price is approaching the confluence of the support level.

XRP has fallen inside a downward parallel channel since November 2023. The price is trading lower and is approaching the horizontal support area at $0.47, 7% below the current price. This area is likely to be a bottom level as it will soon coincide with the channel’s support trend line.

Daily RSI also creates bullish divergences, which occur when increasing momentum is accompanied by falling prices. This often leads to a bullish trend reversal.

Therefore, the most likely forecast suggests that XRP will gradually decline another 7% until it reaches the confluence of support levels, after which it will rebound.

Despite the bearish XRP price prediction, regaining the horizontal area at $0.55 could lead to a 22% increase in the channel resistance trendline at $0.61.

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