XRP has painted a mixed picture lately. While it climbed steadily throughout 2023, reaching a peak near $0.90 in July, it’s been downhill since then.
The weekly chart tells a bearish story. XRP recently cracked its long-standing support line a trend that held strong for nearly a year.
Technical Indicators Point South:
- Weekly EMA: Below 50 and falling, confirming bearish momentum.
- 4-Hour Chart: The descending resistance line and breakdown from the $0.52 support area suggest further downside potential.
- Potential Target: A breakdown could lead XRP to $0.34, a 33% drop.
But Wait, There’s Hope!
- Bullish Sentiment: Despite the technical bearishness, some analysts like Bit_Luxe remain optimistic about XRP’s near-term prospects, predicting a rise above $1.
- Potential Rebound: Reclaiming the $0.54 area could invalidate the breakdown and trigger a 20% surge toward the resistance line.
The Takeaway:
XRP’s technicals paint a gloomy picture, but the sentiment remains surprisingly upbeat. Keep a close eye on the $0.54 level — a break above could ignite a bullish reversal, while a breakdown seals the bearish fate for now.
