Ripple (XRP) price forecast: will the critical support zone stop the fall.
Ripple (XRP) started the month on a bullish note. However, from February 16, the price of the asset began to fall and almost returned to January levels.
XRP fell below an ascending support line that has been in place for several weeks.
How to buy Ripple XRPUSD: top options in the BeInCrypto selection
Ripple couldn't keep up
Technical analysis of the daily timeframe shows that the XRP price has been inside a descending parallel channel since November 2023. Such patterns often contain corrective movements.
On January 31, Ripple reached the lower border of the channel and rebounded, rising above its midline. However, after this, the price was thrown back by the horizontal resistance area and returned to the middle of the pattern.
The daily relative strength index (RSI) is trending bearish. The indicator has dropped below 50 and continues to move down.
XRP Price Prediction: Will the $0.50 Level Hold?
Technical analysis of the short-term six-hour time frame gives a bearish forecast. This is explained by price action and RSI readings.
The chart below shows that XRP has fallen below the ascending support line that has existed since the beginning of the month. And the six-hour RSI dropped below 50, legitimizing the breakdown and indicating the end of the upward movement.
If the decline continues, Ripple's price could fall another 7% and reach immediate support at $0.50.
However, a return to the rising support line will invalidate the breakout. XRP could then rise 7% to the nearest resistance at $0.57.
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Ripple (XRP) started the month on a bullish note. However, from February 16, the price of the asset began to fall and almost returned to January levels.
XRP fell below an ascending support line that has been in place for several weeks.
How to buy Ripple XRPUSD: top options in the BeInCrypto selection
Ripple couldn't keep up
Technical analysis of the daily timeframe shows that the XRP price has been inside a descending parallel channel since November 2023. Such patterns often contain corrective movements.
On January 31, Ripple reached the lower border of the channel and rebounded, rising above its midline. However, after this, the price was thrown back by the horizontal resistance area and returned to the middle of the pattern.
The daily relative strength index (RSI) is trending bearish. The indicator has dropped below 50 and continues to move down.
XRP Price Prediction: Will the $0.50 Level Hold?
Technical analysis of the short-term six-hour time frame gives a bearish forecast. This is explained by price action and RSI readings.
The chart below shows that XRP has fallen below the ascending support line that has existed since the beginning of the month. And the six-hour RSI dropped below 50, legitimizing the breakdown and indicating the end of the upward movement.
If the decline continues, Ripple's price could fall another 7% and reach immediate support at $0.50.
However, a return to the rising support line will invalidate the breakout. XRP could then rise 7% to the nearest resistance at $0.57.
#Write2Earn
