Here's How XRP Will Fare the Rest of the Year | Credit: Hameem Sarwar
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Key Takeaways
The XRP price trades inside an ascending parallel channel.
XRP has fallen by 33% since reaching its all-time high price.
Can XRP mount a bullish trend reversal, or will it fall the rest of the year?
Since hitting its peak earlier this year, XRP has been under heavy selling pressure, struggling to maintain momentum despite several attempts to rebound.
The recent price action paints a mixed picture. The daily chart shows a bounce, but the weekly one remains bearish.
With XRP stuck in a corrective channel and momentum indicators flashing red, traders are closely watching whether this bounce has real strength or just another lower high in a prolonged downtrend.
XRP’s decline initially occurred gradually but accelerated at the beginning of October.
The XRP price fell to a low of $1.25 but bounced, creating a massive long lower wick and preventing a breakdown from the $2 horizontal support area.
While the bounce is a positive sign, the fact that XRP trades inside an ascending parallel channel cannot be ignored.
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Momentum indicators support this possibility, since the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bearish divergences leading to the drop.
The RSI is below 50, while the MACD has made a bearish cross (indicated by black circles). So, the XRP price prediction is bearish, as confirmed by a breakdown from the channel.
Why is XRP Dropping?
Examining the XRP price movement since the 2020 low reveals a corrective structure that is already complete.
According to the count, XRP has completed an A-B-C structure (green) in which wave C is 0.618 times the length of wave A.
In addition to the bearish count, the XRP price has deviated above the long-term horizontal resistance at $2.90.
Since the area was the previous all-time high, the deviation above it is a highly bearish sign that could mark the top.
Combined with the bearish indicator readings and the price action, the XRP prediction for the rest of the year will likely be bearish.
Can XRP Reverse Its Trend?
The daily time frame chart shows that the central horizontal resistance area is at $2.75. The area acted as support for several months, but turned to resistance once the price of XRP broke down.
Even if XRP reaches it again, it will act as resistance, strengthened by a diagonal resistance trend line.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
