What’s Keeping the XRP Price From Shooting Up?
The XRP price is validating the $0.384 area as support. If successful, it could increase to the triangle’s resistance line at $0.410. The XRP short-term price prediction is optimistic due to the creation of a bullish pattern.
Even though the XRP price has performed admirably in 2023, there hasn’t been any XRP news recently regarding the XRP-SEC case. The drawn-out case continues to draw attention, but a settlement has yet to be reached.
A positive outcome with the Securities and Exchange Commission (SEC) would not only be considered beneficial XRP news, but it would be good for the entire cryptocurrency market.
XRP Reclaims Critical Level
The XRP price has traded inside a symmetrical triangle since June 14. The triangle’s support line has been validated six times (green and black icons). The most recent occurred on Jan. 2 (black), after XRP reached a minimum price of $0.300. It bounced afterward, creating a colossal long lower wick and a bullish hammer candlestick.
XRP is now in the process of validating the $0.384 area as support. This is a crucial area that has intermittently provided both support and resistance since May 2022.
If the price successfully validated it as support, it could increase to the triangle’s resistance line at $0.405. A drop toward the $0.350 support line will be the most likely scenario if it falls below it.
The daily RSI supports the continuation of the upward movement since it broke out from a descending resistance line and has a reading of 60. Therefore, it gives a bullish XRP forecast.
XRP Short-Term Price Prediction: Channel Breakout Will Lead to Rally
The wave count since the Jan. 2 bottom provides a bullish XRP short-term price prediction. There are two reasons for this.
Firstly, the price seems to be in wave four of a five wave upward movement (red). During the last 24 hours, it bounced at the 0.5 Fib retracement support level (green icon), signaling that wave four is complete. If the count is correct, the XRP price will increase toward $0.410 and possibly higher.
Secondly, the crypto asset is trading in the upper portion of a descending parallel channel. Such channels usually contain corrective movements. The fact that the price is above the midline further supports the possibility of a breakout.
On the other hand, a close below the channel’s support line would indicate that the XRP coin price could fall to the long-term ascending support line at $0.350.
To conclude, the most likely XRP short-term price prediction is a breakout, increasing toward $0.41. A breakdown from the descending channel would invalidate this bullish XRP price analysis and could send the price back to $0.35.
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