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XRP Price Targets $3.34 After Corrective Downtrend Within Descending Channel
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XRP Price Targets $3.34 After Corrective Downtrend Within Descending Channel

Scott Matherson
Scott Matherson
5 months ago
3 mins read
XRP price

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The XRP price has been trading on a consolidation path after reaching a six-year high of $2.9 on December 3. The cryptocurrency has struggled to maintain upward momentum, and recent analysis points to the playout of a descending channel. According to an analysis on TradingView, XRP’s price movement suggests a corrective downtrend confined within a descending channel on the daily chart. Nonetheless, XRP is on track for a rebound to the upside, with price targets around its current all-time high.

Corrective Downtrend And Key Support Levels

According to a TradingView analysis, XRP has been experiencing a corrective downtrend since December 3. On that day, the cryptocurrency reached a peak of $2.9 on Binance but faced rejection and dropped to a low of $2.25 on the same day before closing at $2.5. This marked the beginning of a bearish phase, as XRP subsequently formed two more consecutive daily bearish candles.

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While the token attempted a brief upward rebound, the move was met with another rejection. The alternating pattern of upward and downward movements resulted in the formation of lower highs and lower lows, which is a characteristic of a descending channel.

The descending channel is a temporary phase of price correction rather than a prolonged bearish outlook. Within this context, the TradingView analysis identifies initial support levels at $1.8890 and $1.6, which align closely with the 0.618 and 0.786 Fibonacci retracement levels when drawn from the $2.9 high. 

These levels are support zones where the cryptocurrency could stabilize if downward pressure persists. A successful defense of these supports might act as a springboard for a bullish reversal, paving the way for the next upward leg in XRP’s price trajectory. Failure to hold these levels could increase bearish pressure on the XRP price and drive the price further down to the most notable support at $1.5. 

XRP Price
Source: TradingView

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Potential Rebound And Target Levels For XRP Price

If the XRP price successfully rebounds from the identified support zones, it is expected to challenge resistance at $2.8, marking the first milestone on its upward journey. A notable break above $2.8 would open up a run towards the final target of $3.3450.

At the time of writing, the XRP price is trading at $2.41 and is down by 0.9% and 2% in the past 24 hours and seven days, respectively. Reaching the $3.345 level is tantamount to a 39% increase from the current price levels. Furthermore, this would put the XRP price close to its current all-time high of $3.4. The bullish momentum required to reach $3.345 could also push the XRP price into new all-time highs from that point.

XRP price chart from Tradingview.com
XRP holding at $2.4 | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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