XRP is holding above the long-term horizontal area it previously turned into support. On the chart, you can highlight a descending triangle, inside of which the price is located.
XRP is Approaching the border of the triangle
The price of the Ripple project token has been growing along an ascending support line since the beginning of 2023. The rally culminated in a new yearly high of $0.95 reached in July.
The upward movement also led to a breakout of the long-term horizontal resistance area that had existed since September 2022.
However, since then, XRP has been declining along a descending resistance line. The price bounced off it several times (red icons).
The collection of XRP trend lines forms a symmetrical triangle, which is considered a neutral pattern. Ripple is rapidly approaching the boundary of the model and is preparing to break out of it in one of the directions.
The weekly relative strength index (RSI) does not help determine the direction of the trend. The indicator is at the neutral level of 50, which indicates an undefined trend.
XRP Forecast: When will the rebound begin?
The daily time frame gives a bearish forecast. The asset’s price is moving within the short-term symmetrical triangle, which has been present on the chart since November 2023 and is now breaking through its support at $0.55.
The daily RSI is declining and is below 50. Although the indicator may form a bullish divergence, it is not yet confirmed.
If the token closes the day below the $0.55 support level, it could fall 15% to the next closest support level of $0.46. However, cryptocurrency analyst Ben Armstrong believes that there is no need to despair, and the XRP price pump is just around the corner. He wrote: “Call me crazy, but I believe $XRP will start to rise by the end of Monday.” Despite this bearish outlook, a bounce in Ripple towards $0.55 could trigger a 10% bounce towards the descending resistance line at $0.60.
