Summary:
XRP has fallen over 40% against Bitcoin in 2024, with a further 25% drop likely by December.
The XRP/BTC pair broke down from a rising wedge pattern, indicating bearish momentum.
XRP/USD could see a 15% decline if it breaks below its current symmetrical triangle pattern.
Key Points:
- XRP has plummeted over 40% against Bitcoin in 2024 and is projected to drop another 25% by December due to bearish technical indicators.
- The XRP/BTC pair has recently broken down from a rising wedge pattern, indicating ongoing bearish momentum.
- If XRP breaks below its current symmetrical triangle pattern, it could see a 15% decline against the dollar by the end of 2024.
XRP has faced significant challenges in 2024, falling over 40% against Bitcoin, primarily due to its association with Ripple amid its ongoing legal troubles with the SEC. The recent court appeal has exacerbated XRP's decline, with a 12.25% drop following the filing on October 2. Looking ahead, analysts predict a further 25% reduction by December.
XRP Enters Technical Breakdown Stage Vs. Bitcoin
The XRP/BTC trading pair has broken below the lower trendline of a rising wedge, confirming a bearish reversal pattern. The Relative Strength Index (RSI), currently at 42.96, indicates weakening momentum, suggesting XRP may continue to decline before reaching oversold conditions. XRP's price remains below critical moving averages, including the 50-week EMA at 0.0001072 BTC.
XRP May Fall 15% Versus Dollar, As Well
The XRP/USD chart is forming a symmetrical triangle, which typically indicates consolidation before a breakout. Key Fibonacci levels suggest potential resistance around $1.33 and $1.13. Should XRP break below this triangle, it may test support around $0.39—a 15% drop from current prices—by the end of 2024, with further declines possible towards $0.31 or lower.
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