Ripple’s XRP price has fallen since its yearly high in July. The price broke down from a long-term ascending support line in August.
The price action, RSI readings, and Elliott Wave count all support the continuing decrease, at least in the short term. Despite this bearish outlook, the community surrounding XRP is almost unanimously bullish, expecting significantly higher prices by year’s end.
XRP Price Falls Below Long-Term Support
A look at the weekly time frame technical analysis for XRP gives a pessimistic outlook. Both the readings of the Relative Strength Index (RSI) and the price action contribute to this bearish projection.
After its peak at $0.95 in July, XRP’s price has been downward. Notably, this decline didn’t halt at the $0.56 horizontal level, which had intermittently functioned as both support and resistance since April 2021.
In light of the price surpassing this level in July, it was anticipated to act as support again. However, contrary to expectations, XRP’s price decisively broke below it.
Subsequently, XRP also breached an ascending support line that had been established since the beginning of the year. This development aligned with previous bearish signals, further confirming the bearish trend.
Should the decline persi
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Author: Valdrin Tahiri
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