BTC cannot maintain above $40,000, and each attempt triggers profit-taking. This situation is not good for altcoins. Even though altcoins recovered in double digits from the bottom yesterday, they may face further declines if the current negativity persists. So, what does the current situation tell us specifically about XRP Coin?
Ripple (XRP)
XRP Coin, one of the largest altcoins by market value, fell below the decreasing resistance trend line after July last year. The trend line witnessed the bulls’ struggle to break through several times, the last of which was in December. However, they were not successful. Ripple’s gains in the lawsuit supported price increases, but this year’s agenda will be mass appeals, so the temporary victory excitement has given way to caution.
The XRP price then accelerated its decline and broke down from a horizontal support area. It recently bottomed out at $0.49. Even though it is now at $0.5085, investors are worried about BTC’s price lingering at $39,800.
XRP Coin Price Predictions
The RSI on the daily chart is targeting the oversold region, and along with the price, demand is weakening. The price, trading in a decreasing parallel channel since November 2023, may continue its decline as it is stuck in a corrective pattern. Cryptoes and another analyst expect a bounce from the longer-term support area, so they are currently avoiding a clear short position.
However, the XRP Coin price did not make the desired leap after reaching the support trend line of this channel. Analysts believe a Gartley pattern is forming, but for this to happen, the price needs to convert higher levels into support.
As a result, it seems like a likely scenario that the XRP Coin price will break down from this channel and make deeper bottoms. If this happens, we could see the price plummet to $0.44 in closures below the support.
Despite the downward prediction, if the resistance area of $0.55 and the channel’s median line are breached, the current correction will have ended. This could bring about an approximate 23% increase towards the channel’s resistance trend line. However, for the positive scenario to materialize, it is essential for the BTC price to reclaim the $40,400 and $42,000 support levels.
