XRP’s price took a significant hit on April 19, as it faced rejection at a crucial resistance level. However, there is still hope for a potential reversal if the price hits a bottom soon.
The XRP price had surged after breaking out from a descending resistance line on March 21, which led to a new yearly high of $0.585 on March 29. Unfortunately, the subsequent decline put the bullish structure at risk of being invalidated.
XRP Price Falls Below Important Resistance
XRP’s price has been on a downtrend since hitting its yearly high of $0.585 on March 29. Although it seemed to have surpassed the $0.530 resistance area, the long upper wick indicates weakness and now acts as resistance again.
On April 18, the digital asset created a lower high before dropping and breaking down from the $0.485 horizontal area the next day. It validated the area as resistance on April 24, forming another long upper wick, which suggests selling pressure as buyers failed to sustain the price.
XRP Price Movement
While there is no immediate news regarding the Ripple vs Securities and Exchange Commission (SEC) case, it is noteworthy that a 2018 lecture by Gary Gensler, the SEC chair, in which he stated that cryptocurrencies are not securities, is circulating. This statement contradicts the allegations made in the ongoing case.
XRP Price Prediction: Wave Count Predicts 50% Increase
Based on the six-hour price movement analysis, a bullish XRP price prediction emerges due to the wave count. Elliott Wave theory, which identifies long-term price patterns and investor psychology to determine market trends, suggests that the current XRP price has completed the fourth wave of a five-wave upswing, a positive signal for its future price.
The prediction suggests that XRP could move above the $0.530 resistance level, with the most likely target between $0.673 and $0.722, found by the 1.61 Fib extension of wave four and the length of waves one and three projected to the bottom of wave four.
Fibonacci retracement levels, which determine the peak of potential future upward movements, suggest that if the XRP price moves above the $0.485 area, it could increase to $0.530 once more. However, if it gets rejected, a fall to $0.425 is likely.
XRP Price Prediction
Additionally, if XRP’s price falls below the wave one high of $0.430, the bullish XRP price forecast will become invalid, and the XRP price could drop to $0.360.
In conclusion, while XRP’s price has faced a considerable decline, the wave count and technical indicators provide a positive outlook for its future price. A reversal is still possible, but it’s crucial for the XRP price to hit a bottom soon.
