Ripple price has fallen since its annual high of $0.938 on July 13. The high of the year was the culmination of the breakout from the 700-day resistance line. So what’s next? Here are analyst Valdrin Tahiri’s XRP expectations…
What are the expectations for Ripple price?
The price of Ripple’s XRP broke an annual record last week. As cryptokoin.com also reported, it won a partial victory in the SEC case. While a short-term bounce starts the next day, it is not known whether the increase will lead to new highs. It is also not yet certain whether it was just a relief rally in response to the previous drop. The weekly time frame for XRP shows a bullish outlook, according to analyst Valdrin Tahiri. The main reason for this is the breaking of the 700-day descending resistance line. Breakouts from such long-term structures often lead to significant moves in the other direction.
After the breakout, XRP surged above the $0.54 horizontal area to form a large bullish candlestick (green icon). This moved the price to the next resistance at $0.90, which was rejected in the same week (red icon). The price is currently trading between these two levels. The weekly RSI supports the continuation of the uptrend. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and to decide whether to accumulate or sell an asset. If the RSI is above 50 and the trend is up, the bulls still have an advantage. However, if the value is below 50, the opposite is true. The indicator is above 50 and rising. So, according to the analyst, this also points to an upward trend.
Will XRP price see $0.9 again?
The technical analysis on the short-term time frame shows a breakout from the descending resistance line that has persisted since the year-high on July 13. Following the breakout, XRP confirmed the line as support (green icon) and accelerated the rate of increase. However, this increase remained in an ascending parallel channel. Such channels often contain corrective structures. The price is trading at a confluence of the $0.83 resistance levels formed by the resistance line of the channel and a horizontal resistance area. According to analyst Tahiri, price breakout or rejection can determine the future trend.
If the price breaks, an increase to the aforementioned long-term resistance of $0.90 is expected. However, if the price declines, this will likely indicate that the increase is corrective. In this case, the price will likely break out of the channel and drop to the long-term support at $0.54. Therefore, the future XRP price trend will likely be determined by whether the price is out of the channel or rejected. In the event of a breakout, an increase to $0.90 would be expected. However, if the price drops, a sharp drop to $0.54 is possible. Meanwhile, it’s worth noting that on a monthly basis, XRP’s rise in price has overtaken Bitcoin in terms of volume.
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