Ripple (XRP) Price Correction: Final Move Before Push to $1?

2023-7-25 17:00

Ripple’s XRP price broke out from a 700-day resistance line and culminated with a yearly high of $0.94. However, the price has fallen since, validating the $0.90 resistance area.

While the long-term trend is bullish due to the breakout above, the short-term one is still undecided. Thus, another final decrease could occur before the price regains its footing.

XRP Price Faces Rejection Despite Long-Term Breakout

The weekly time frame analysis for XRP indicates a positive outlook. This is primarily due to the breakout from a 700-day descending resistance line. Breakouts from such long-term structures often result in significant movements in the opposite direction.

Read More: Ripple (XRP) Price Prediction

After the breakout, XRP surpassed the $0.54 horizontal area, forming a bullish candlestick (green icon). Subsequently, the price reached the next resistance level at $0.90 but faced rejection within the same week (red icon). Presently, XRP is trading between these two levels.

XRP/USD Weekly Chart. Source: TradingView

The weekly Relative Strength Index (RSI) further supports the likelihood of a continued increase. Traders use the RSI as a momentum indicator to assess whether a market is overbought or oversold and to make decisions about accumulating or selling an asset.

Since the RSI reading is above 50 and rising, it indicates a bullish trend, signifying that bulls still hold an advantage in the market.

Read More: 6 Best Copy Trading Platforms in 2023

XRP Price Prediction: Where Does Wave Count Predict Price Bottom?

The technical analysis from the short-term six-hour time frame also provides a bullish outlook. The main reason for this is the wave count.

Technical analysts employ the Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.

The most likely wave count suggests that the XRP price is currently in wave four of a five-wave increase (white). This means that the rate of increase is expected to accelerate toward $1 after the correction is done.

The most likely area for the bottom of wave four is at $0.64. The area is created by a confluence of support levels, namely the 0.618 Fib retracement support level and the previous ascending parallel channel. A strong bounce at this level will confirm that wave five has begun.

XRP/USDT Six-Hour Chart. Source: TradingView

Despite this bullish XRP price prediction, a decrease below the wave one high at $0.56 (red line) will mean that the trend is bearish. In that case, the XRP price will be expected to decrease to $0.40.

Read More: Best Upcoming Airdrops in 2023

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

The post Ripple (XRP) Price Correction: Final Move Before Push to $1? appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price xrp push ripple move final correction

Источник: beincrypto.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


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

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.