#TradeNTell #XRP XRP has been declining since November 2023, accelerating its decline in 2024. The rebound on January 23 did nothing to help the price.

The daily timeframe shows that the coin of the Ripple project has been declining since July 2023 along a descending resistance line. This trend line has provoked a price rebound more than once, the last time this happened in December (red icon).

After this, the token accelerated its decline and broke through the horizontal support area. This decline culminated in yesterday's low at $0.49.

A closer look at the daily chart shows that XRP has been trading inside a descending parallel channel since November 2023.

Although such channels usually contain corrective patterns, XRP is at the bottom, which is a sign of weakness.

A cryptocurrency trader under the nickname XRP Whale believes that the price has already reached the bottom, forming a bullish Gartley pattern.

Despite these bullish forecasts, the price has not yet made a significant rebound since reaching the channel support line. Additionally, the daily RSI, as mentioned above, is bearish.

Thus, if the XRP price makes a bearish breakout from the channel, it could fall 12% to the nearest support at $0.44.

However, a recovery of XRP above the $0.55 horizontal resistance area and the channel midline could trigger a 23% rise to the channel resistance line.