XRP has broken its uptrend in the recent timeframes. The cryptocurrency had been going up since the end of July. At the time of press, the coin stands at a price level of $0.73. The price of the cryptocurrency has fallen by more than 5% in the past twenty-four hours while the daily trading volume is increasing by a small margin. Due to the decline in the price, the market cap of the sixth largest cryptocurrency has also fallen by around 4%.
Technical analysis
The market outlook for XRP continues to be bullish despite the recent break in the uptrend. The market is still dominated by buyers. Twelve of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position with only four at a sell position.
XRP coin has been identified to be operating on an ascending trendline, the trend line has been acting as strong support since the beginning of March 2021. The trendline support has been tested a few times up till now. XRP has also observed various pullbacks to the upside after establishing the level as a strong support. Currently, the bearish movement has resulted in the cryptocurrency moving down towards retesting the trendline. If the scenario plays out, XRP can be expected at $0.55. However, there is also a slight chance of the coin resuming its upward trajectory. The bullish scenario can help the crypto reach towards $2.72.
XRP price prediction
The future outlook for XRP is bullish in the medium to long term. Although the SEC vs. Ripple Labs lawsuit does not appear to be moving towards any decisive end and the ruling of the lawsuit will have a significant impact on the price of XRP. According to the estimates of Wallet Investor, the one-year price of the cryptocurrency will be at $1.10 while the five-year projection stands at $2.58. Digital Coin Price predicts a five-year price of $2.68.
