2023-4-12 14:00 |
The Ripple (XRP) price is currently consolidating beneath a crucial resistance region inside a neutral pattern. There is a possibility that it may attempt to break out again soon.
According to the technical analysis of the daily timeframe, XRP’s price has been consolidating since it reached its peak for the year on March 29. This consolidation occurred after the price was turned away from the resistance area at $0.530. After reversing on April 3, the price was rejected again on April 11. This created a higher low (red icon).
While the daily RSI has not generated any bearish divergence and is above 50, it is decreasing, thus providing mixed signs.
XRP/USDT Daily Chart. Source: TradingViewIf the digital asset succeeds in breaking out, it may reach the next long-term resistance level at $0.650. Conversely, if the price is rejected, it may drop to the closest support level at $0.425.
Will XRP Price Break Out?Upon closer analysis of the XRP token price history and wave count on the 12-hour time frame, it appears that the price is currently in wave four of a five-wave increase (white). This is a bullish sign for XRP’s future price. It indicates that it could break out from the $0.525 resistance area and move toward $0.650.
The type of structure created in what is wave four will determine the future trend. Currently, the most probable pattern for completing the corrective wave is a short-term symmetrical triangle. On April 3, the Ripple price rebounded at the intersection of the triangle’s support line and the 0.382 Fib retracement support level (white).
Therefore, it is possible that this was the correction’s low point, and a breakout may soon follow. The choppy movement inside the triangle supports this. The XRP price today is approaching the end of the triangle, indicating a decisive movement is expected.
XRP/USDT 12-Hour Chart. Source: TradingViewEven a breakdown from the triangle would not invalidate the bullish structure, since it would mean that the price could bounce at the 0.5 Fib level at $0.466 instead. However, if the price falls below the wave one high of $0.433 (red line), this scenario would be invalidated. Then, the XRP price could drop toward the $0.350 support level.
To conclude, the most likely XRP price forecast is an increase toward the $0.650 resistance area. But, a drop below $0.433 could trigger a fall toward $0.350.
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