The XRP price, which reached its highest level of the year in July, has been decreasing since August. Technical analysis indicates that this decline will continue in the short term. However, analysts are confident that the price will exceed $1 in the long run…
XRP price falls below long-term support
XRP, which broke the support line established since the beginning of the year, is currently moving in a bear trend. If the decline continues, the next support level is at $0.42. This is 12% below the current price. But some analysts are confident that the price can rise again from this level and reach above $1.
On the indicator side, the RSI is currently below 50 and continues to decline. This is an indicator of a bear trend. Moreover, according to Elliott Wave theory, the current downtrend could be the fourth wave of an uptrend in the long term.
At what stage is the Ripple and SEC case?
The ongoing lawsuit between Ripple (XRP) and the SEC is another important factor that investors consider. Finally, the court ruled in favor of Ripple, but the SEC appealed this decision. Meanwhile, rumors that investment giant Blackrock is focusing on XRP instead of Bitcoin are also on the agenda.
What’s next?
Elliott Wave theory offers two different scenarios: The first predicts that the XRP price will decline further through a correction. The other scenario shows that the price will find support at $0.40 and rise again and may reach $1.25.
Crypto analysts suggest we will see $1
Most of the popular analysts on the X platform (previously known as Twitter) support the bullish scenario for XRP. Names like @DefendDark state that the price could go up to $1.24. DefendDark wrote the following in some of its XRP analysis yesterday:
On daily and monthly charts, XRP is extremely strong. It broke the Minor Resistance and moved into the Major Resistance at $1.33 and is currently declining to $1.237. We know the importance of Supports in the market due to a sudden crash or short-term tremors. So I note that our previous supports are the same $0.46 and $0.39.
Above $1,237, I am sure we will discuss ATH Levels for XRP.
#XRP in the daily & monthly charts is super strong. He has broken down the Resistance Minor and proceeded to Resistance Major, which was at $1.33 and is now getting lowered to $1.237.
We know the importance of Supports in #Crypto, due to a flash crash or short-term shakeouts.… pic.twitter.com/B6KcHCFeGd
— Dark Defender (@DefendDark) September 19, 2023
Other traders like Alex Cobb are using previous fractals to place high targets above $10. However, for this to happen, the price must break out of its long-term trend. Moreover, this is a high number for the new market cycle because the price must rise above the current all-time high to reach this level.
#XRP 🚨🚨🚨 I'm Showing You The Chart & I'm Telling You The News. NFA
[ Judge Torres DENISE Sec Request ] 🚀🚀 pic.twitter.com/JSyIOHvMDz
— XRP CAPTAIN (@UniverseTwenty) September 18, 2023
As a result, the general expectation in the market is that XRP will gain value by the end of the year. However, the bulls need to surpass the $0.55 resistance in the short term. cryptokoin.comAs we reported, the XRP price last broke this level in July.
