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XRP values experienced an overall 1.26% decline over the last week amidst a cryptocurrency market attempting to regain a bullish path. Following a local price peak of $2.58 on May 15, XRP has undergone a significant correction, pushing prices down to approximately $2.06. Interestingly, notable market analyst with the X username CasiTrade has presented an optimistic forecast suggesting an imminent price turnaround.
Drop Then Rally? XRP Chart Patterns Indicate Key Support Evaluation
In an X post dated June 20, CasiTrades theorizes that XRP is presently at a pivotal technical juncture significantly influencing its subsequent price direction. According to the daily trading chart provided, it can be deduced that the notable altcoin is on the verge of either a price breakout or breakdown as a result of the emergence of a descending triangle formation.
However, CasiTrades mentions that there are broader ramifications in the recent shifts of the relative strength index (RSI). Particularly, the analyst elaborates that the XRP daily RSI trendline is currently declining, signaling a convergence of market factors such as decreasing volatility, subdued price movements, and, crucially, an accumulation of market pressure which closely aligns with the narrowing range observed in the descending triangle.
CasiTrades anticipates that the forthcoming release is likely to initially focus on lower price areas before embarking on a price upswing. The trading expert views this potential breakdown not as negative price capitulation but rather as a final flush required to amass sufficient liquidity for a bullish rebound. In this context, CasiTrades has pointed out possible support zones around $2.01, $1.90, and $1.55, which the analyst asserts remain valid until XRP achieves a definitive price close above $3.
However, the anticipated bullish reversal may transpire through two avenues. Firstly, CasiTrades notes that XRP could seamlessly drop to any of the highlighted support zones before executing a V-shaped marker recovery indicating that the altcoin has located a market bottom. Alternatively, XRP might also approach the support zones and pause or potentially execute an early price rebound. In such an instance, the analyst foresees that the token could encounter a final exhaustion downward wave prior to the expected bullish turnaround.
XRP Price Summary
At the time of reporting, XRP is trading at $2.13 reflecting a 1.29% price loss in the previous day. Simultaneously, the cryptocurrency also exhibits negative trends over larger timeframes with a loss of 10.39% on the monthly chart respectively. To achieve any price gains, the market bulls must surpass the crucial resistance level at $2.37, a successful breakout beyond which would facilitate a surge toward the $2.60 mark.
Featured image from Pexels, chart from Tradingview
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