XRP Price Prediction: Short term gains amidst a powerful downtrend

XRP Price Prediction Short term gains amidst a powerful downtrend

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

  • XRP price hovers back above a recently breached trendline.
  • The Relative Strength Index shows Ripple price back above supportive buyers’ territory.
  • A breach above $0.36 could induce a rally towards $0.39 in the short term.

XRP price continues to display choppy price action. A 5-wave impulse towards $0.39 could resolve the confusion.

XRP price finding support 

XRP price could set up a 15% countertrend rally targeting $0.39. At the time of writing, the XRP price has regained momentum following the recent CPI-induced selloff earlier in the week. The bulls have reconquered the 8-day exponential moving average and are likely to test the 21-day simple moving average at $0.34 in the coming hours.

XRP price currently auctions at $0.339 as the first signs of bullish retaliation occur near a recently breached descending trendline. The Relative Strength Index confounds the idea that an additional bounce could occur as the recent decline’s swing low at $0.331 still hovers above supportive territory. 

XRP USDT 1-Day Chart
XRP USDT 1-Day Chart

If the bulls can produce a closing candle above $0.36, an additional hike towards $0.39 could occur. Such a move would result in a 15% rise from the current XRP price. 

Traders should keep in mind that this thesis is a short-term countertrend setup, aiming to trade the prospective C wave up. This thesis does not expect the XRP price to close above $0.41. An additional decline is still on the table targeting $0.24 in the long term. XRP price must definitively close above $0.41 to consider an alternative count.

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.