In a nutshell

• The XRP cost fell on May 30 after it was dismissed by a significant Lie opposition level.
• Both the wave count and the price action point to a forthcoming downward movement.
• A rise above $0.58 will indicate that the trend is now bullish.

On May 30, the price of Ripple’s XRP broke through an important resistance line and made a new monthly high.

In any case, in spite of this breakout, the value activity and wave count recommend that a nearby top might be set up, subsequently foreseeing a future cost decline. Additionally, additional selling pressure could result from the release of one billion XRP tokens from an escrow.

Ripple Price Clears Crucial Resistance

Since March 28, the price of XRP has fallen below a descending resistance line. This suggests that the price is going through a brief correction.

Notwithstanding, the cost broke out from the line on May 26, it is finished to affirm that the revision. On May 30, the breakout resulted in a high of $0.53.

The price was rejected by the $0.52 0.618 Fib retracement resistance level (red icon) despite the breakout. It has fallen since.

The Fibonacci retracement levels theory states that the price is likely to partially return to a previous price level before continuing in the same direction after a significant price change in one direction.

The breakout is legitimate, as demonstrated by the Relative Strength Index (RSI) indicator. Traders can determine whether a market is overbought or oversold and whether to accumulate or sell an asset by utilizing the RSI as a momentum indicator.

Bulls have an advantage when the RSI reading is above 50 and the trend is upward; conversely, bears have an advantage when the reading is below 50.

However, the indicator has entered overbought territory despite remaining above 50. Local tops are frequently climbed in this area.

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XRP Price Prediction: Has the Price Topped?

The current uptrend in XRP is just a temporary rally that will be followed by another decline, according to technical analysis performed within a short-term four-hour time frame. The price of XRP, which may have reached its local peak, is predicted to fall in line with this analysis’s bearish outlook.

The wave count, which supports the idea of a downward trend, is the primary justification for this outlook. By looking at recurrent long-term price patterns and investor psychology, technical analysts use the Elliott Wave theory to determine the direction of trends.

As per the wave count, the cost of XRP has finished up a five-wave decline (showed in dark). This proves that the trend is down. Moreover, the decay followed a vertical restorative marked as A-B-C, further supporting this chance.

The breakout from the descending resistance line is only one component of a larger A-B-C correction if this long-term count is accurate. This possibility is supported by the price rejecting the 0.618 Fib retracement level.

As a result, the count suggests that a local top has been established, which will result in a fall to $0.34.

This possibility is supported by the release of 500 million XRP tokens right now. An arrival of this greatness could make huge selling pressure, thusly causing a sharp descending development.

Despite this bearish XRP price prediction, an increase above the yearly high of $0.58 will mean the trend is still bullish. In that case, the XRP price could increase to the next resistance at $0.90.