Crypto Analysts Share Diverse Views on XRP Price Movement

Market Sentiment Amidst Decline

Despite the recent downturn in XRP prices, cryptocurrency traders and analysts maintain a bullish outlook. According to @Bit_Luxe, the price is expected to rebound above $1 in the near future.

Source: Twitter

@Trade Byte sees a favorable opportunity for buying before a potential rebound, while @Rob Art is confident that the current dip represents a healthy correction.

Wall Street Expert Predicts Strong Surge for Ripple (XRP) in 2024

XRP Price Forecast: When Will the Reversal Begin?

The six-hour timeframe aligns with the daily, confirming the likelihood of continued XRP descent. The chart illustrates that the asset has been moving below a descending resistance line since July 2023. Additionally, the altcoin broke the $0.52 horizontal area, forming a descending triangle in conjunction with the resistance line, and the six-hour RSI dropped below 50.

A movement throughout the pattern’s height will lead Ripple to the nearest support at $0.34, representing a 33% drop from the current price.

Source: TradingView

However, a return to the $0.54 range would invalidate the breakdown and could trigger a 20% rise toward the descending resistance line.

Disclaimer

All information on our website is published with principles of fairness, objectivity, and solely for informational purposes. The reader is entirely responsible for any actions taken based on the information obtained from our website.