Despite a breakout over three months ago, the Ripple XRP price had been consolidating above a horizontal support area.

The XRP price fell below this support area today but is now in the process of reclaiming it again. Will it be successful?

Ripple Falls Below Horizontal Support

Examining XRP’s weekly technical analysis reveals that since May 2022, the altcoin has increased alongside an ascending support line. During this period, XRP broke through a crucial horizontal zone and achieved a new 2023 high in July.

However, the rapid ascent proved unsustainable, leading to a subsequent decline that established a higher low in August (green icon). This resulted in forming a steeper ascending support trend line that is still intact.

While XRP fell today, it validated this support trend line again.

When evaluating market conditions, traders use the

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Author: Valdrin Tahiri

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