📊 XRP Price Analysis and the Most Accurate Forecast
📈 The price of XRP sharply rose following a court decision announced in July but was later revoked. Since August, it has not seen significant price fluctuations and has continued to trade in a narrow range. While the entire cryptocurrency market experienced incredible growth, XRP's price movement became even more neutral. Will XRP's volatility resume, or will the upcoming year resemble the second half of this year?
📉 Technical analysis on the weekly chart (below) shows that XRP is rising along the ascending trend line support since May 2022. This line has been visited several times, most recently in March 2023 (green symbol). During this period, XRP continued its ascent along the second, steeper ascending support line.
📈 Although the XRP price reached the highest level of the year in July (red symbol), it has not approached that region since. At the time of writing, the price continues to trade above a significant horizontal support area.
📉 On the other hand, examining the altcoin's RSI, you can notice that the value dropped into the negative zone after the recent price decline and was calculated at a level of 40.69. Negative sentiments in the market are also reflected in the indicator.
🔮 What Awaits XRP in the Future?
📉 Technical analysis on the daily timeframe may not determine a clear direction for future trends. This can be explained by both price movement and RSI. The neutral nature of price movement can provoke a sharp breakthrough and lead to an unpredictable direction.
🗣️ Crypto trader Dom stated in his statement that the XRP price will break out of its symmetrical structure and tweeted the following:
"I really can't envision a scenario where this breaks down... I can only imagine an explosive breakout. XRP is not a security and has managed to stay in the top 8 cryptocurrencies for 9 years, even without reaching a new peak last time!"
🔝 Top 3 Exchanges to Buy XRP:
On Binance
On WhiteBIT
On Coinbase
