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Following XRP’s Breakout from Resistance, Can We Expect a Robust Rally?

The price of XRP has rebounded from a significant support zone and broken through a short-term descending resistance line. It is expected to continue rising in the near future.

Weekly Outlook

The XRP price has surged since bouncing back from the horizontal support zone $0.49 in the week from January 29 to February 4, 2024 (green arrow).

As the $0.49 zone is considered a crucial key level for the uptrend starting from June 2022, rebounding from it indicates that the trend is still bullish.

The weekly RSI (Relative Strength Index) has broken above the descending resistance line, positioned above 50 and sloping upwards, indicating that the bulls have regained control.

If the upward momentum persists, the XRP price could rise by 45.53% to the long-term resistance zone at $0.91.

XRP/USDT weekly chart. Source: TradingView

Short-Term Resistance Breakout

The daily chart shows that the XRP price has broken above the short-term descending resistance line, formed since the local high at $0.73 on November 6, 2023.

This move has also helped the price break above the $0.58 resistance zone and confirmed it as support in the past few days (green arrow).

The daily RSI is above 50 and trending upwards, supporting the potential for further increases.

Therefore, the correction from the local high of $0.73 may have ended, and XRP is in a new rally. The next target to watch out for is $0.73.

XRP/USDT daily chart. Source: TradingView

Conclusion

The most likely prospect suggests that the XRP price will continue to rise in the near future. The nearest target is $0.73, with a higher target at $0.91.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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