On August 7, the price of the native Ripple token broke above the descending resistance line, but could not hold the growth.
The fall on August 17 nullified the bullish scenario that should have taken XRP to the $1 mark. If the price of the asset goes beyond the lower boundary of the current pattern, it could fall another 28% and reach the horizontal support area of $0.35.
The latest events from the world of cryptocurrencies, analytics and forecasts – all the most interesting in our news Telegram channels. Subscribe so you don’t miss anything important.
Wave Calculation Hints at Continued Ripple Fall
Technical analysis of the daily timeframe gives a bearish forecast. The main reason lies in the wave calculation and price action. We previously assumed that the XRP price is approaching the low point of the fourth wave as part of a five-wave upward movement. (on the graph it is marked in white). Prior to this, the asset bounced off the previous ascending parallel channel (on the graph this moment is marked with a green icon).
However, the subsequent decline reduced the likelihood of growth to nothing. The price of Ripple fell below $0.56 and dropped to the channel’s support line. The breakdown could trigger another 28% drop, which would take the asset to the $0.35 horizontal support area.
Source: TradingView
If the price bounces, XRP could rise by 25% to the channel resistance line at $0.63. However, there are no signs yet that this will happen.
The daily Relative Strength Index (RSI) supports the continuation of the decline. The indicator is falling and is below 50.
XRP Price Prediction: Any Signs of a Bottom?
The short-term six-hour chart also does not give much hope for a rebound. The main reason for this is that the price of XRP broke above a short-term descending resistance line but failed to confirm it as support. On the contrary, on August 17, the price fell below it. (on the graph this moment is marked with a red icon).
The RSI, meanwhile, is falling and has not yet come out of the oversold zone, which is considered a sign of weakness.
Source: TradingView
In conclusion, we can say that the most likely forecast for XRP is to continue to fall. A strong rebound from the current level could result in a 25% gain. However, there are no signs yet to support this possibility.
Disclaimer
All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.
2023-08-19 11:25:13
#Bears #control #Ripple #XRP #hold