Forecast: XRP Price Poised to Plummet 40% by September, Predicts Fractal Analysis

2023-7-22 13:14

Recent market developments are drawing parallels between XRP’s current performance and a trend observed from April to June 2021, which was followed by a substantial 65% price drop in the subsequent months. Despite experiencing double-digit percentage gains this month, with XRP reaching $0.76, there are signs that this bullish momentum may be reaching a saturation point, mirroring the trends seen in other parts of the cryptocurrency market.

The optimism surrounding Ripple’s partial victory against the United States Securities and Exchange Commission had fueled bullish forecasts, with some predicting XRP to soar as high as $15 in the coming months. However, caution is now warranted as fractal analysis of XRP’s recent candlestick and price momentum patterns indicates the possibility of a sharp market correction, particularly if historical patterns repeat.

Certain market signals that were previously observed before the significant price decline in Q2 2021 are once again flashing warning signs. These include the presence of a multiyear descending trendline resistance and an “overbought” relative strength index (RSI). The descending trendline resistance has consistently limited XRP’s upward movements since January 2018, reinforced by another horizontal trendline resistance near $0.93.

Taking these factors into account, the confluence of resistance levels and the overbought RSI now increases the risk of a market correction for XRP. As a result, it is possible that the price may drop towards the lower trendline support at approximately $0.52 by September, representing a decline of almost 40% from the current price levels.

Interestingly, the projected downside target aligns closely with XRP’s 50-week exponential moving average (50-week EMA), denoted by the red wave, which raises the possibility of a potential bounce around this level. Moreover, this wave support previously served as a local bottom during the price decline observed in Q2 2021.

As of July 20, XRP has outperformed the broader cryptocurrency market, recording a month-to-date increase of 70%, while the overall crypto market rose by only 5% during the same period.

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Ripple (XRP) на Currencies.ru

$ 0.5041 (+0.42%)
Объем 24H $1.095b
Изменеия 24h: -2.41 %, 7d: -4.48 %
Cегодня L: $0.4993 - H: $0.5213
Капитализация $27.908b Rank 7
Цена в час новости $ 0.776 (-35.04%)

price xrp june april 2021 observed trend

Источник: coinstelegram.com

price xrp → Результатов: 126


Ripple’s XRP Cryptocurrency Price Expected to Weaken Further After Corrective Move, But There’s a Catch

In an analysis posted on TradingView, trader Orson_Fawley shared insights into the potential future price movements of XRP, the cryptocurrency associated with the Ripple payment protocol. According to Fawley, XRP’s current downward trajectory is expected to continue, with the price potentially revisiting the low of $0.

2024-5-4 15:15


Leading Analyst Identifies Mega Ascending Triangle in Ripple (XRP) Price Chart; Forecasts Breakout Will Push Price to $1.4

Famous expert in technical analysis, @egragcrypto, has given some easy-to-understand insights about the cryptocurrency XRP, highlighting that its price might make a big move soon. In his latest look at XRP, he talks about the chances of big changes in price and points out a coming “liquidity storm,” which he calls “The Perfect Storm.

2023-9-30 14:36


XRP Journey To $10: Unveiling The Forces That Could Trigger An Upward Momentum

XRP is currently undergoing a notable price correction, with a 24-hour decline of 2. 2% and a seven-day slump of 12. 1%, bringing its price to $0. 61 according to CoinGecko.   However, amidst this downturn, prominent crypto YouTuber and XRP analyst, Alex Cobb, has set an ambitious price target of $10 for the digital asset, employing the Elliott Wave Theory to analyze its monthly price chart.

2023-8-7 17:00


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