Failing to start 2024 on a breakout rally, the XRP price takes a bearish step within the triangle pattern in the weekly. With high volatility going against the general triangle formations, the Ripple price gives sharp moves within.
Currently, the active bearish moves on the long coming resistance trendline lead to a price drop to the support trendline. Nevertheless, the Ripple price prediction teases the bullish breakout possibility of the weekly triangle pattern to test $1.
With a 10% drop last week in the XRP price, the start of 2024 for Ripple takes a bearish route as opposed to the anticipated breakout run. The sellers prolong the consolidation within the weekly triangle, bringing the price closer to the psychological mark of $0.50.
Starting this week at $0.5517, the intraday growth of 0.88% puts the XRP price under bounce-back preparations to reclaim $0.60. However, the lack of any significant move in the trading volume represents a strong consolidation.
Currently, the XRP price trades at $0.5567 and struggles to halt the three-day bearish streak, accounting for a 6.18% drop. Therefore, despite the lower price rejection in the last weekly candle, the chances of a downtrend are grim.
MACD indicator: The MACD and signal lines fail to give a bullish crossover once again as the XRP price retreats from the overhead boundary line. With the resurging bearish histograms, the momentum indicator represents a failed trend reversal attempt.
RSI Indicator: The dropping price trend leads the RSI line under the halfway line and warns of a bearish outcome.
Will The XRP Price Reach $1?
In the weekly chart, the recent price drop in XRP tests the bullish dominance at the support trendline at the $0.50 mark. If the buyers push back the incoming supply, the Ripple prices can make a comeback with increased breakout potential.
Once the breakout rally crosses $0.71, the chances of a price jump to $1 will improve significantly. Conversely, a bearish trend continuing below the $0.50 mark can lead to a breakdown phase.