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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Ripple's (XRP) price closed below a critical horizontal area, fueling fears that the trend is bearish. The downtrend is expected to continue unless the price regains this area and initiates a significant upward move.
Weekly timeframe technical analysis for XRP shows a bearish trend. This is shown to be due to both price action and RSI readings. First, the XRP price has fallen since its annual high of $0.93 in July. At the time, it was rejected by the 0.382 Fib retracement resistance level. This created a long upper wick, indicating that the sellers were taking control and the trend was bearish.
Shortly after, the price declined below the long-term horizontal area of $0.55. After XRP's debut, the region was expected to provide support. However, this was not the case as the price dropped last week and closed below this level. If the downside continues, the nearest support at $0.30 will be 40% below the current price. On the other hand, a recovery of the $0.55 area could lead to an 85% increase in the price to a yearly high of $0.93.
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