The Ripple XRP price fell last week but still trades above a pivotal horizontal support area.

The price action since October has been neutral. Will XRP initiate a bounce at the current support area to close the year strong?

Ripple Trades Above Support

The technical analysis from the weekly time frame shows that the XRP price has traded above an ascending support trend line since May 2022.

More recently, the price bounced above this trend line in April, accelerating its rate of increase. This led to a new yearly high of $0.94 in July 2023.

However, the XRP price has fallen since (red icon), creating a long upper wick and validating a long-term horizontal resistance area.

Despite the decrease, XRP regained its footing in October and traded above a long-term horizontal support area.

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Author: Valdrin Tahiri

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