Ripple's native token XRP appears to be consolidating after a significant surge in the past few weeks. As of today (November 27, 2024), XRP, like the entire cryptocurrency market, has been experiencing a price decline.
Some people call this a price adjustment, while others believe that the price drop is due to the escalating geopolitical tensions between Ukraine and Russia.
Despite the significant price drop of most cryptocurrencies, XRP seems to remain stable, staying above the key support level of $1.35. This stability is supported by recent political developments, speculation surrounding Gary Gensler's (SEC) imminent resignation, and ETF-related speculation.
XRP Technical Analysis
According to expert technical analysis, XRP seems to be forming a descending triangle pattern on the four-hour timeframe, finding support at the $1.30 level. However, on the daily timeframe, the token appears to be consolidating within a narrow range. This price adjustment reflects past consolidations, during which the altcoin formed a symmetrical triangle pattern, followed by a 50% upward rebound.
However, this time, if altcoins successfully break through this pattern, traders and investors expect a similar upward trend.
XRP Price Prediction
Based on recent price trends, if XRP breaks the descending trend line of the descending triangle, a 42% increase is likely in the coming days. Conversely, if XRP fails to hold the support level of $1.30 and breaks below it, the price could drop by 25% in the coming days.
On the positive side, the asset still remains above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating an upward trend. Meanwhile, its Relative Strength Index (RSI) suggests there is room for further increases in the coming days, as the value is below 70, currently at 50.25.
Current price momentum
As of the time of writing, XRP is trading close to $1.34, with a price drop of 4.5% in the past 24 hours. During the same period, its trading volume decreased by 18%, indicating a decline in trader and investor participation amidst changing market sentiment.
