XRP Weekly | Next Support ExaminedWe already looked at XRP based on the long-term, we continue positive for 2025 and we are definitely going to see some amazing growth next year.
We already looked at XRP short-term, but what about the mid-term.
Let's detach for a minute and look at this weekly chart. XRPUSDT has been bearish in many ways since July 2023.
Where is this bearish action leading to?
What can we expect next?
We have the rising tendency on the left side.
We have a dropping tendency on the right side.
On the lower end of the chart we see the support arc.
The support arc predicts where XRPUSDT is headed next.
Last week produced a very strong bearish candle. This type of action is not the end of a move, it is the start. After three weeks green and a total of 12 weeks rising (since 1-July), XRPUSDT went bearish. The bearish action marks a long-term lower high and also the start of a major bearish move.
Just as the up-move starting July lasted for 12 weeks, the down move starting last week can last between 5-6 weeks.
The targets follow below.
We know that the June 2022 low is safe, there is just too much support before getting there.
1) Higher low based on the short-term and current chart structure would produce a price of 0.42. This is an easy target and is high probability. In fact, I will draw up a short now for this pair.
2) A lower low, which is likely, can produce a price of 0.36 or even 0.31 if things get really bad. This is possible because there are no new highs since March and XRP failed to move above March peak price after 12 weeks of bullish action. The whole dynamic is bearish.
We can expect more correction, lower and red. After this correction is over, prepare for growth long-term.
Thank you for reading.
Namaste.
