The Ripple XRP Price Reaches 70-Day High
The price of Ripple’s XRP has been on the rise since October 19, reaching a new 70-day high of $0.586 yesterday. While it has moved above the $0.550 resistance level, it has yet to close above it.
Ripple Attempts to Reclaim Horizontal Level
Looking at the weekly technical analysis, XRP has been following an ascending support trendline since the beginning of the year. This trendline has been validated multiple times, most recently in early October when it created a bullish candlestick pattern.
The current price increase has seemingly caused a reclaim of the $0.550 horizontal area, but a weekly close above this level is still needed for confirmation.
Undetermined RSI
The weekly Relative Strength Index (RSI) is currently undetermined. The RSI is used as a momentum indicator to determine whether a market is overbought or oversold. An RSI reading above 50 indicates an upward trend, while a reading below 50 suggests a downward trend.
Although the RSI is increasing, it is currently right at the 50 trendline and has not confirmed the direction of the trend.
Ripple Partners with Uphold
Ripple Labs recently announced a partnership with Uphold. This partnership strengthens Ripple’s infrastructure and international payment solutions by leveraging Uphold’s extensive knowledge of liquidity.
XRP Price Prediction: Continued Increase
Based on the shorter-term daily timeframe analysis, there is support for the possibility of XRP reclaiming the $0.550 area and continuing its upward trend. The daily price action shows a breakout from a descending resistance trendline and a close above the $0.550 resistance area.
The daily RSI is also above 50 and increasing, indicating a bullish trend. If the increase continues, XRP could reach the 0.5-0.618 Fib retracement resistance level at $0.680-$0.740.
Be Cautious of Potential Drop
However, it’s important to note that a daily close below the $0.550 support area could cause a 20% drop to the closest support at $0.430.
Hot Take: XRP Price Surges to New Highs Amidst Partnership Announcement
The price of Ripple’s XRP has been on an upward trajectory, reaching a 70-day high of $0.586. This surge comes in the wake of Ripple Labs’ partnership with Uphold, which strengthens Ripple’s international payment solutions. While technical indicators suggest a continued increase, caution is advised as a drop below key support levels could lead to a significant decline in price.
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