Ripple (XRP) is preparing to exit a long-term pattern, but it is unclear where
XRP is holding above the long-term horizontal area it previously turned into support. On the chart you can highlight a descending triangle, inside of which the price is located.
The daily timeframe gives a bearish forecast. The price of the asset is moving within the short-term symmetrical triangle, which has been present on the chart since November 2023, and is now breaking through its support at $0.55.
The daily RSI is declining and is below 50. While the indicator may form a bullish divergence, it is yet to be confirmed.
If the token closes the day below the $0.55 support level, it could fall 15% to the next closest support level of $0.46. However, cryptocurrency analyst Ben Armstrong believes that there is no need to despair, and the XRP price pump is just around the corner. He wrote:
“Call me crazy, but I believe $XRP will start to rise by the end of Monday.”
