About two months, the price of ripple has been suppressed by the decreasing trendline.
Every attempt to break through this trendline has failed, but the slow ascent over the last five days has overcome this barrier, with the XRP price increasing by 12%.
While this is a positive trend, the remittance token is now confronted with the $0.374 resistance level, which has been a crucial support/resistance level since May 2022. As a result, investors should brace themselves for a correction.
XRP price might resume its consolidation above the $0.333 support level, depending on market conditions.
However, if this support floor is breached, Ripple would most certainly fall below the $0.288 level.
The whale transaction measure, which counts transactions of $100,000 or more, adds to Ripple’s negative prognosis.
While things are in motion are negative on the Ripple price, a break of the $0.400 barrier on the four-hour and preferable one-day time frames will invalidate the bearish thesis. In this event, the XRP price may attempt a rally to retest the $0.448 resistance level.
