The price of XRP has been rejected by the long-term range resistance and formed a bearish signal. It may continue to decline in the future.
Long-term range
XRP has been trading within a range between $0.3 and $0.55 since May 2022. The price has tested both the range resistance and support several times, confirming its validity. After being rejected by the range resistance this week (red arrow), the XRP price is in the process of forming a large bearish candle on the weekly timeframe. Additionally, this is accompanied by bearish divergence in the weekly RSI indicator.
Therefore, the price of XRP may decline at least to the middle line of the range at $0.42.
Breaking this level could push the price further down to the next support at $0.36 and potentially even lower to the range support at $0.3.
Short-term outlook
The 4-hour chart shows that XRP has broken below a short-term ascending support line. This is a bearish signal indicating that the bears have taken control of the market.
There is a minor support level at $0.44, which could provide a bounce when tested.
However, with the bearish signals from the weekly timeframe, the XRP price may break below this level and decline towards the significant support at $0.42.
Conclusion
The technical signals suggest that the price of XRP will continue to decline in the future. The most important support level found is at $0.42. The price’s reaction when it reaches this level may determine the direction of the trend going forward.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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