- XRP price action shows a decline within the symmetrical triangle pattern teasing a bearish breakdown.
- The XRP price action shows a negative retracement within the triangle, taking support and ready for a positive cycle.
- If the XRP price can sustain the bullish momentum, the breakout potential can drive the uptrend to the $1 mark.
With the bullish side weakening over the market, the XRP price is approaching a critical crossroad to decide the upcoming trend in January. Crossing under the 200-week EMA, Ripple is ready for a bearish break and warns of a bearish week ahead.
Furthermore, with the overall increase in selling pressure amidst the market slowdown, the altcoins are facing the threat of trend reversal. Nevertheless, with the high anticipations of an altcoin season in 2024, Ripple price prediction keeps an optimistic viewpoint.
Source – Tradingview
The XRP price trend in the weekly chart shows a strong bearish trend over the weeks leading to a drop under the 200-day EMA. Further, the downtrend accounts for an 18% drop in six weeks and warns of a trend continuation.
Similar to the previous week, Ripple starts the week on a 1.19% drop and warns of a breakdown of the triangle pattern. Further, the increment in the trading volume supports the downfall. Currently, the XRP price trades at $0.5397 and struggles to halt the bearish fall of 5.26% last week.
Technical Indicators:
MACD indicator: The MACD and signal lines fail to a bearish crossover in the weekly chart as the XRP price tests the support trendline. Hence, the momentum indicator shows a potential breakdown.
Will The XRP Price Survive This Crash?
The recent price drop in XRP is testing the support trendline at $0.50. Hence, a break below $0.50 could signal a further decline. On the flip side, bulls will be looking to push XRP above $0.60 meanwhile, sellers looking to overcome $0.50 and keep XRP below it.
If bulls can push XRP above $0.60, the cryptocurrency could see a strong rally. If bears can push XRP below $0.50, the cryptocurrency could see a further decline. A bearish trend continuing below the $0.50 mark can lead to a $0.42.
