XRP Forecast: Is A Retreat Below $0.5 Likely Before October?

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

XRP has maintained its position within the confines of a symmetrical triangle pattern, with today’s modest surge doing little to alter its trajectory.

This symmetrical triangle pattern has exerted significant influence over XRP’s price movements for the past month, indicating that it may continue to dictate the coin’s fate in the near future.

The symmetrical triangle pattern is a technical analysis chart pattern characterized by converging trendlines, with one representing the coin’s lower highs and the other symbolizing its higher lows.

This pattern suggests a period of consolidation and uncertainty in the market, as traders weigh the potential for a breakout in either direction.

A Crucial Breakout Looms For XRP

Analysts suggest that a breakout from either side of the symmetrical triangle pattern could set the stage for a significant directional rally in XRP. Should the coin break above the upper trendline, it could potentially surge to a price of $0.55.

As of now, XRP is trading at $0.512876, according to CoinGecko. Over the past 24 hours, it has recorded a modest increase of 1%, while its seven-day performance shows a 2.5% increase.

Triangle Resistance Continues To Hold

The report notes that the recent pullback in XRP marks the third instance where the price has retraced from the triangle’s upper trendline, underscoring the pattern’s dominance over this asset.

Daily charts further emphasize this bearish sentiment, revealing an “Evening Star” pattern at the resistance, often seen as a precursor to potential downtrends.

If sellers continue to dominate the market, XRP’s price may decline by approximately 6%, potentially pushing it down to the $0.485 level, which would serve as a retest of the triangle’s lower boundary. As long as XRP oscillates within these trendlines, its price is likely to remain range-bound.

XRP market cap currently at $27.2 billion. Chart: TradingView.com

Awaiting Exciting Developments

Meanwhile, the XRP community is eagerly anticipating several exciting developments, including the launch of the Xahau network and the associated Evernode airdrop. The Xahau Ledger, which serves as the proposed Hooks sidechain and smart contract sidechain for the XRPL ecosystem, plays a crucial role in these innovations.

In a recent tweet, Evernode, the Layer-2 blockchain behind these innovations, announced that its new website is now live. To safeguard its users against Twitter scammers, Evernode has implemented strict protective measures.

New Website: https://t.co/YuFpmwCGbA

To mitigate Twitter’s scammers, we’ll:
1. Only tweet links to website articles.
2. Never DM you.
3. Never offer support.

Anybody claiming to be our “Help Desk” or “Customer Support” or “Dev Team” is a scammer trying to steal your coins.

— Evernode – No Trustline & No Support🪝 (@EvernodeXRPL) September 22, 2023

It will only tweet links to website articles, avoiding direct messages (DMs) to users and refraining from offering support, thus ensuring the safety and security of its community.

XRP’s current positioning within the symmetrical triangle pattern suggests that a breakout could be imminent, with both bullish and bearish scenarios on the horizon.

As the XRP community eagerly anticipates upcoming developments, maintaining vigilance against potential scams remains paramount for all participants in the cryptocurrency space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pexels

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.