Is Ripple's Price Set for Further Decline?
During summer preparations, XRP traded at $0.503, but has since dipped below its long-standing support line on the weekly chart. This support level, holding steady for 450 days, was crucial for price ascension. Its breach is perceived as a negative indicator.
Typically, altcoins embark on recovery phases by breaking long-term downtrend lines. However, Ripple's recent weekly closure, the first since October 2022, raised concerns among investors, indicating a loss of significant horizontal support. Moreover, the weekly RSI indicator corroborates the downturn, residing below the neutral zone.
XRP Price Forecast
Despite its collaboration confirmation with the RippleNet system utilized by American Express, this hasn't notably impacted XRP's price. While the weekly chart signals a noticeable decline, daily charts hint at a potential dip. XRP's price has entered a descending parallel channel, nearing the $0.47 level, a potentially favorable dip level coinciding with the support line.
The daily RSI indicator presents a bullish divergence, contrasting with the bearish deviation observed on the weekly chart. This suggests a potential upward movement following a 7 percent decline. However, if daily closes exceed $0.55, it could prompt a recovery towards the $0.61 resistance line, nullifying the horizontal support area
