2023-8-22 18:30 |
Ripple’s XRP price has fallen significantly since its yearly high. While the price bounced on August 17, it has yet to confirm that it has begun a bullish trend reversal.
The XRP price is currently retesting the $0.55 area and possibly validating it as resistance. The level will be crucial in determining the future trend, whether it gets rejected or reclaimed.
XRP Price Invalidates Bullish CountThe weekly time frame technical analysis for XRP gives a relatively neutral outlook. The main reason for this comes from the price action. In March, XRP broke out from a long-term descending resistance line that had been in place for nearly two years. This increase led to a new yearly high of $0.95 in July.
However, the price was rejected shortly afterward, creating a long upper wick and validating the 0.382 Fib retracement level at $0.93 as resistance.
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XRP has fallen since and is currently trading inside the $0.55 horizontal area. This is a crucial area since it has intermittently acted as both support and resistance since March 2021. So, whether the price breaks down or bounces will be crucial in determining the future trend.
XRP/USD Weekly Chart. Source: TradingViewMoreover, the weekly RSI is at a crucial level. The RSI is currently at 50. So, similarly to the price, whether the RSI bounces or breaks down from 50 will be crucial in determining the future trend.
A price bounce can lead to a nearly 80% increase to $0.93, while a breakdown will likely cause a 42% fall to $0.31. It is worth noting that a judge gave the SEC the green light to file an appeal in the ongoing Ripple vs. SEC legal battle.
This occurred despite Ripple’s legal time opposing the request.
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XRP Price Prediction: Will Bounce Save Breakdown?A closer look at the daily movement shows that the price bounced sharply on August 17. So far, it has increased by 23%. The bounce (green icon) validated an ascending support line that has been in place since the beginning of the year.
Moreover, it coincided with a yearly low of 23 in the RSI (green circle). Such oversold values often occur at local or absolute bottoms.
However, the XRP price still trades below the $0.55 horizontal area. This is an important resistance area since it previously provided resistance and was expected to provide support. However, the price crashed right through it. Whether it reclaims it or gets rejected will likely determine the future trend’s direction.
XRP/USDT Daily Chart. Source: TradingViewTo conclude, the XRP price prediction will determine whether the price reclaims the $0.55 area or gets rejected.
In case of a rejection, a 13% drop to the ascending support line at $0.46 will be likely. On the other hand, a 35% increase to $0.70 will occur in case of a retracement.
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The post Is The Ripple (XRP) Price Bottom in After 23% Bounce? appeared first on BeInCrypto.
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