When Will XRP Bottom Out? 3 Key Things to Watch!
While Ripple's (XRP) price is holding above its mid-June low, it's too early to call a resumption of the long-term bullish trend. Short-term XRP's price may be prone to more consolidation as we're heading into the end of the year, but for the long term, there are 3 key things to watch.
#1 True Support Level at $0.17
Ideally, before we call a bottom, XRP's price should see a retest of the $0.17 support level. This is the most significant long-term support level, as, since 2018, this level has kept the downside in check.
On a monthly closing basis, we never close below this level, and if the current bear market extends through 2023, we can retest this level.
#2 RSI Oscillator
The monthly Relative Strength Index (RSI) has held above the 40 level reflecting the primary bullish cycle that the XRP price has experienced since its inception.
However, this also leaves the door open for the RSI to decline into oversold readings, which means that the XRP price can also drop from the current level.
At the same time, if the monthly RSI regains the 50 level, the bottom may already be in place.
#3 Key Resistance Still Intact
The $1 mark remains a big psychological level that, since 2018, has kept the upside in check. Only in 2021, for a brief period, did the XRP price break above the $1 mark. Naturally, a break above the $1 mark can pave the way for a revival of the XRP bullish supercycle.
