Ripple’s XRP price has closed below a crucial horizontal area, sparking fears that the trend is bearish.
The downward movement is expected to continue unless the price reclaims this area and begins a significant upward movement.
XRP Price Falls Below Long-Term Support
The weekly time frame technical analysis for XRP provides a bearish outlook. This is because of both the price action and the RSI readings.
Firstly, the XRP price has fallen since its yearly high of $0.93 in July. At the time, it was rejected by the 0.382 Fib retracement resistance level (red icon). This created a long upper wick, indicating that sellers had taken over and the trend is bearish.
Shortly afterwards, the price fell below the $0.55 long-term horizontal area. After XRP initially broke out, the area was expected to provide support. However, this was not the case as the price fell and closed below it last week.
If the downward movement continues, the closest support at $0.30 will be 40% below the current price. On the other hand, reclaiming the $0.55 area can lead to a 85% price increase to the yearly high at $0.93.
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Author: Valdrin Tahiri
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