Since reaching an annual high of $0.95 in July, the price of Ripple has been steadily declining. In November, XRP made a bullish leap, but was unable to continue its growth and is currently trading near the support level. In this article, we will look at what can be expected in the future - a rebound or a bearish breakout.

On a weekly timeframe, technical analysis shows that XRP has been moving along an ascending support line since May 2022. The Ripple project coin reached a new annual high in July, while making an important bullish breakthrough in the horizontal area. However, the XRP price could not hold this upward movement and began to decline, while forming an increasing low in August and a steeper upward support line.

Cryptocurrency trader JD emphasizes the importance of this trend line, comparing it with the previous market cycle. Currently, the XRP price is above the horizontal support area.

The Relative Strength Index (RSI) is on the rise and above the 50 level, indicating a bullish trend. However, it is worth noting that the upward movement occurs smoothly and gradually.

On the daily timeframe, the price dynamics does not give a clear signal about the future trend. The RSI index and price dynamics show mixed signals.

After breaking through the descending resistance line, XRP returned to the Fibonacci 0.618 correction level at $0.75. Then Ripple broke through another, shorter-term downward resistance line, but was unable to gain a foothold on this growth. The daily RSI is also hovering around the 50 level, which indicates the uncertainty of the trend.

At the moment, the token is trading just above the horizontal support level of $0.58. The future trend of XRP may be determined by a bearish breakout or a rebound from this level. A breakout of support could lead to a 25% drop to the nearest support level of $0.48, while a rebound could trigger a 20% rise in Ripple to the Fibo resistance level of 0.618 correction at $0.75.