XRP price has been increasing since Jan 22 and recently broke out from a short-term resistance level
XRP price has been increasing since January 22 and recently broke out of short-term resistance. At the time of writing, Ripple’s native token is changing hands at $
XRP price has increased by 55% since Feb lows
XRP has been falling inside a descending parallel channel since September 21. While doing so, it hit a low of $0.546 on January 22, validating the channel’s support line in the process. Initially, this appeared to cause a breakdown below the $0.71 horizontal support area.
However, the price has increased since then and XRP broke out of the area on Feb. 7 before confirming it as support again on Feb. 28. It is currently approaching the resistance line. channel resistance. Since descending parallel channels are considered corrective patterns, a breakout from it would be the most likely scenario.
If this happens, the next resistance will be at $1.35.
Cryptocurrency trader Credible Crypto tweeted a chart of XRP, saying that the price is still trading below resistance.
“I will add- this news is GREAT for the case but from a technical perspective we are still under local resistance atm so don’t FOMO into anything here just because of this positive fundamental development. Best to wait to see PA develop at this time”, he tweeted.
Source: Credible Crypto/Twitter
However, technical indicators support the continuation of the uptrend, suggesting that a breakout is imminent. This can be seen by the rising MACD and RSI. Furthermore, the former is positive and the latter is above 50, both of which are considered signs of an uptrend.
Read more:
- Whales Made Several Large Transfers Between Exchanges, While XRP Has Been Making 12% Weekly Growth
- XRP Price Formed A Bottom Reversal Setup, Suggests The Possibility Of An Explosive Move Favoring The Bulls