The price of Ripple’s XRP is attempting to regain the midline of an ascending parallel channel pattern, with implications for the future. While short-term readings suggest the increase will continue, the long-term outlook leans slightly on a bearish future price forecast. Lawyer John Deaton uncovered old SEC internal emails suggesting XRP cannot be classified as a security. Since June 2022, the price has been trading within the pattern, but was rejected by resistance of the channel on March 29, leading to a downward movement, dropping below $0.53 horizontal resistance. However, XRP is gaining some footing and attempting to move above the midline again, with the Relative Strength Index providing mixed readings.
Technical analysis suggests that the ongoing bounce may be a relief rally before another drop follows, supporting a bearish XRP forecast, with the wave count indicating a bearish trend. The most likely target for the top of the increase is between $0.50-$0.52, but if there’s a fall below wave A at $0.41, even the short-term trend is bearish, with an immediate decrease to the channel’s support line at $0.37 expected. This article serves only as informational and should not be considered financial or investment advice, and market conditions can change without notice.
