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Ripple XRP price experienced an incredible surge following a court decision announced in July, but later underwent a retraction. Since August, it has not seen significant price fluctuations and continued to trade within a narrow range. While the entire crypto market has seen incredible rises, the price movement has become even more neutral. Will volatility in XRP resume, or will the coming year be similar to the second half of this year?
XRP Coin Commentary
The technical analysis on the weekly timeframe (below) indicates that XRP has been increasing along an ascending support trend line since May 2022. This line has been visited several times, most recently in March 2023 (green symbol). During this period, XRP continued its rise along a second, steeper ascending support trend line.
While the XRP price reached its highest level of the year in July (red symbol), it has not approached anywhere near that region since then. As of the time of writing, the price continues to trade above a significant horizontal support area.
On the other hand, examining the Altcoin‘s RSI, it is observed that the value dropped to the negative zone following a recent price drop and was calculated at 40.69. The negative sentiment in the market is also reflected in the indicator.
What Does the Future Hold for XRP Coin?
Technical analysis on the daily timeframe may not determine a clear direction for future trends. This can be attributed to both the price movement and the RSI. The neutral nature of the price movement could trigger a sharp break and lead to an unpredictable direction.
Crypto trader Dom claimed in a statement that the XRP price will break out of its symmetrical formation and tweeted the following:
I really can’t imagine a scenario where this breaks down… I can only really imagine an explosive breakout. XRP is not a security and has managed to stay in the top 8 cryptos for 9 years, without even making a new peak last time!
Furthermore, it has not gone unnoticed by investors that XRP whales have moved millions of XRP over a period of about two months. It is also worth noting that one whale has accumulated 360 million XRP tokens.
Therefore, whether the XRP price will break out of the triangle as the analyst said, or make a downward move below the horizontal area at the $0.58 level, could indicate the future price of XRP to investors.
