XRP (Ripple) Enters Final Phase of Bearish Cycle..."Bottoms at $0.65 and Races to $6"

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An analysis suggests that XRP has entered the final phase of its bearish cycle. The ultimate bottom is open to $0.65.

According to crypto media outlet The Crypto Basic on August 5 (local time), XRP closed below its 50-month moving average on the monthly chart for two consecutive months through July. This is the first time such a trend has appeared since June 2024. At that time, XRP stayed in a 6-year accumulation zone before beginning a sharp upward trend that led the previous bull market. This current movement is also analyzed to resemble past trends that appeared before the end of long-term corrections.

The current monthly chart structure is also similar to the 2021-2022 bear market. Back then, XRP dipped below its 50-month moving average on the monthly chart and then entered the final stage of a long-term downtrend channel. If past trends repeat, the 100-month moving average on the monthly chart becomes the next downside target. The long-term Fibonacci uptrend channel and the monthly Relative Strength Index (RSI) also indicate the possibility of the bottom forming in a lower range.

The monthly Relative Strength Index has once again approached the low trendline where powerful long-term buy signals appeared in the past. In 2022, it did not directly touch this line but consolidated like in 2020, providing a buying opportunity near the cycle bottom. If the same process is replayed, it could take another 3-4 months for a new long-term buy signal to form.

The expected bottom range is $0.65-$0.8. This range includes the 100-month and 150-month moving averages on the monthly chart. The $0.65 level is slightly below the Fibonacci 61.8% retracement line. XRP also formed a bottom in the same Fibonacci range in June 2022.

It is suggested that a long-term bull market could follow once the bearish cycle concludes. However, the upward trend will be limited until XRP breaks through its long-term high trendline. Once this resistance is overcome, the first target for the next bull cycle opens at approximately $6.

[Key Article Summary]

-XRP has entered the final stage of its bearish cycle, closing below the 50-month moving average on the monthly chart for two consecutive months.

-A long-term buy signal from the monthly Relative Strength Index could form within the next 3-4 months.

-XRP's expected bottom is $0.65-$0.8, and the first upside target after breaking long-term resistance is $6.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*