Summary
TLDR: XRP price started February strong but has since fallen, breaking an ascending support trend line. Technical analysis shows a bearish trend with RSI below 50. Short-term outlook suggests XRP may fall further to $0.50, but reclaiming support trend line could lead to a 7% increase to $0.57. This is not financial advice, and market conditions can change quickly.
Key Points
1. The XRP price started February on a bullish note but has fallen since February 16, losing a significant portion of its previous gains.
2. The XRP price also broke down from an ascending support trend line that had existed since the beginning of the month.
3. The technical analysis from the daily time frame shows the XRP price has fallen inside a descending parallel channel since November 2023. Such channels often contain corrective movements.