The Ripple XRP Price Increase
The XRP price increase has stalled despite breaking out from the $0.55 long-term horizontal resistance area. The question is whether the XRP price will regain its footing and make another breakout attempt, or if new lows are in store.
XRP Breaks Out but Struggles to Maintain Increase
Looking at the weekly time frame for XRP, the technical analysis shows that the price has been increasing alongside an ascending support trend line since the start of the year. The price broke out from the $0.55 horizontal resistance area and reached a new yearly high of $0.94 in July.
However, XRP failed to maintain its increase and fell, reaching the ascending support trend line again in August. After bouncing at the trend line again in October, the XRP price broke out from the $0.55 area, reaching a high of $0.75 this week, but stalled once more.
The weekly Relative Strength Index (RSI), a momentum indicator, gives a positive reading which suggests that bulls still have an advantage with an RSI currently above 50.
What Do Analysts Say About Increase?
Cryptocurrency trader TonythebullBTC is extremely bullish on the XRP prospects for several reasons. He mentioned that key indicators are showing bullish price action.
Another analyst, Cryptoes_ta, is also bullish on XRP’s prospects as it holds above the $0.60 minor support area.
Ripple XRP Price Prediction: Will Price Regain Footing?
On the daily time frame, technical analysis shows that XRP broke out from a descending resistance trend line on Oct. 19 but was rejected by the 0.618 Fib retracement resistance level on Nov. 13.
The daily RSI is slightly above 50 but decreasing, and a successful RSI bounce alongside a XRP price bounce at the $0.60 support can lead to an increase with a breakout to $0.94.
However, if there’s a close below the $0.60 horizontal support area, it can cause a 25% drop to the next closest support at $0.50.
Hot Take
The Ripple XRP price has shown signs of potential growth based on technical analysis and analyst predictions, but it remains uncertain whether it will maintain its current momentum or experience further declines in value.
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