Here’s How a Ripple (XRP) Bounce Could Push Price 55% Higher

2023-10-13 16:00

The Ripple XRP price recently fell below the critical $0.53 horizontal support area.

While the XRP price drop temporarily stopped, Ripple made two unsuccessful attempts at reclaiming the area before resuming its fall this week. Can the XRP Price bounce back?

Ripple Falls Below Critical Support

The technical analysis from the weekly time frame shows that the XRP price has fallen since its yearly high of $0.94 in July.

The decrease led to a low of $0.42, causing a breakdown from the $0.53 horizontal support area.

Read More: Best Crypto Sign-Up Bonuses in 2023.

After bouncing, the price moved above the $0.53 horizontal area. However, it was unsuccessful and created consecutive long upper wicks (red icons). The decrease resumed this week.

The XRP price has also followed a long-term ascending support trendline, which has been in place since June 2022.

XRP/USDT Weekly Chart. Source: TradingView

Some negative Ripple news hit the market this week. The Binance exchange announced that it will delist the XRP/BUSD pair after the latter recorded the lowest transactional activity for 2023.

Ripple Labs CFO Kristina Campbell announced her departure from the company as well.

However, not all news is negative since Judge Analisa Torres denied the Securities and Exchange Commission’s request to appeal the previous ruling.

Also, there is an upcoming policy summit on October 26 between Ripple and Metaco.

XRP Price Prediction: Can Price Begin a Reversal?

The weekly Relative Strength Index (RSI) RSI supports the ongoing descent.

When evaluating market conditions, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold, and to decide 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.

Click here for Ripple-XRP price predictions.

The indicator is falling and is below 50, both considered signs of a bearish trend.

More importantly, the indicator has also broken down from an ascending support trendline (green), which has been in place since July. This supports the ongoing XRP price drop.

It is also worth mentioning that more than $15 million worth of XRP has been moved to a wallet in Bitstamp.

If the downward movement continues, XRP can fall by another 20% and reach the previously outlined long-term ascending support line at $0.40.

XRP/USDT Weekly Chart. Source: TradingView

Despite this bearish XRP price prediction, a weekly close above $0.53 will mean that the trend is still bullish.

In that case, the price can increase by 55% and reach the next resistance at $0.75.

Read More: Everything You Need To Know About Ripple vs. SEC

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

The post Here’s How a Ripple (XRP) Bounce Could Push Price 55% Higher appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 0.5244 (+0.26%)
Объем 24H $963.741m
Изменеия 24h: 1.47 %, 7d: 4.19 %
Cегодня L: $0.5225 - H: $0.5244
Капитализация $28.993b Rank 7
Цена в час новости $ 0.4812 (8.98%)

xrp price higher push could ripple bounce

Источник: beincrypto.com

xrp price → Результатов: 126


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ripple’s Latest Move Bolsters It As A Digital Asset Custody Provider

Ripple is transitioning into a full-service digital asset custody provider, following its acquisition of Metaco, a Swiss-based leader in the sector, for $250 million in May 2023. This development represents a significant expansion of the fintech’s capabilities into the institutional crypto custody market—a segment that is expected to experience substantial growth over the next decade. […]

SEC Takes Another Stab At Ripple In Its Final Brief: Details

The Securities and Exchange Commission (SEC) has submitted its remedies reply brief in its ongoing legal battle with Ripple Labs, accompanied by supporting exhibits. This filing marks a pivotal moment in the litigation as it is the final brief before Judge Torres will make her remedies ruling.

XRP Lawsuit: SEC Counters Ripple’s Motion To Strike – A Detailed Analysis

In the XRP lawsuit, the Securities and Exchange Commission (SEC) has countered Ripple Labs’s recent motion to strike the declaration of SEC summary witness Andrea Fox. The agency’s filing asserts that the testimony is permissible as summary evidence under federal law, not requiring expert disclosure as claimed by Ripple.

Ripple Replaced XRP With USDT For US Clients, Here’s Why

In yesterday’s court filing opposing the US Securities and Exchange Commission’s (SEC) motion for remedies and final judgment, Ripple disclosed significant changes to its On-Demand Liquidity (ODL) operations in the United States.

Ripple’s 3-Year Growth Strategy Unveiled By CEO Garlinghouse

In an interview with FOX Business, Ripple CEO Brad Garlinghouse detailed the company’s ambitious plans for growth over the next three years, highlighted by the launch of a US dollar-backed stablecoin and a strategic expansion in international markets amidst ongoing regulatory challenges in the United States.