Ripple (XRP) Price Breaks 400-Day Support, What Next?

XRP price is at risk of breaking below an ascending support line that has existed for nearly 400 days.

XRP broke out of a short-term bearish pattern, another sign of a downtrend. Is this the start of a long-term correction?

Will XRP Break Long-Term Support?
Technical analysis from the weekly timeframe shows that XRP price has been rising along with an ascending support line since the beginning of 2023. The upward movement has led to a peak at $0.94 in July 2023 (chart red symbol). However, prices have dropped since then.

After several bounces from the support line (green symbol), XRP finally broke below it this week, although the weekly candle has not yet closed. So far, the trend line has been in place for almost 400 days.

The weekly relative strength index (RSI) is bearish. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true. The indicator is below 50 (red circle) and is falling, both of which are signs of a downtrend.

XRP Price Prediction: Where Next?

The number of waves on the six-hour timeframe is consistent with those from the daily chart, supporting the possibility that XRP will continue to decline. The chart shows that XRP has been falling below a descending resistance line since July 2023. The trend line has been validated multiple times, most recently in December (red symbol).

Additionally, XRP price has been trading above the $0.52 horizontal zone, creating a descending triangle when combined with the resistance line. XRP broke below the triangle yesterday.

The six-hour RSI supports a bearish continuation as it is below the 50 level and falling.

A move to the full height of the pattern (black arrow) would take XRP down to the nearest support at $0.34, a 33% drop from current prices.


Despite this bearish prediction, reclaiming the $0.54 area would neutralize the breakout and could result in a 20% rally to the descending resistance line.

According to the latest information, it is claimed that a large amount of XRP tokens have been sent to the cryptocurrency exchanges Binance and Bitfinex.

Whale Alert, famous for announcing large “whale” transactions, announced that more than $147 billion of Ripple (XRP) has been transferred to cryptocurrency exchanges Binance and Bitfinex.

However, this cannot happen because the total amount of XRP currently in circulation is 54 billion XRP. Bitfinex CEO Paolo Ardoino also issued a statement on the topic:

It appears that attackers transferred over $147 billion worth of Ripple (XRP) fraudulent transactions to Bitfinex and Binance by taking advantage of the “Partial Payment” feature, which allows senders to distribute a smaller portion the amount specified in the payment transaction.