Ripple’s (XRP) price is at risk of breaking from a rising support trend line that has been in place for approximately 400 days, signaling a potential long-term correction. Technical analysis on a weekly timeframe shows that XRP’s price had been increasing alongside this support trend line since the beginning of 2023, reaching a peak of $0.94 in July. However, the price has since declined, and XRP is now diverging from this trend line despite several bounces off of it.
The weekly Relative Strength Index (RSI) indicates a bearish trend. Investors use the RSI as a momentum indicator to determine whether the market is overbought or oversold, and whether a token should be accumulated or sold. Currently, the RSI is below 50 and continues to decline, which could be a sign of a bearish trend.
Despite the ongoing decline, cryptocurrency investors and analysts remain optimistic about a potential uptrend. A crypto analyst known as Bit_Luxe has suggested that the price may soon rise above $1, citing the TD Sequential indicator, which is currently signaling a buying opportunity amidst the downward pressure.
In summary, while Ripple’s price is facing the risk of breaking its 400-day support trend, some analysts are considering the possibility of a short-term recovery.
