The Ripple XRP Price Breaks Resistance Level
The price of Ripple’s XRP has surpassed the $0.550 resistance level, reaching a high of $0.586 on October 24. However, it has not yet closed above this level.
XRP Moves Above Critical Long-Term Level
According to the weekly technical analysis, XRP has been following an upward trend since the beginning of the year, with a well-established ascending support trendline. This trendline has been tested and confirmed multiple times, most recently in early October.
What Do the Analysts Think?
Cryptocurrency analysts have a bullish outlook on XRP’s future movement. The most optimistic prediction comes from Thescalpingpro, who sees a long-term cup and handle pattern with a neckline at $0.90. Breaking out of this pattern could push the price above $1.
XRP Price Prediction: Will Breakout Be Confirmed?
The daily timeframe chart supports the possibility of a weekly close above $0.550. The price has broken out from a descending resistance trendline and reclaimed the minor resistance at $0.530. The daily RSI is also increasing and above 50, indicating a bullish trend.
If the upward movement continues, XRP could increase by another 30% and reach the 0.5-0.618 Fib retracement resistance level at $0.680-$0.740.
Hot Take: XRP’s Bullish Momentum Continues
The price of Ripple’s XRP has shown strength by breaking through resistance levels and reclaiming minor resistances. Analysts are optimistic about its future movement, with potential for significant gains if it breaks out of a long-term pattern. However, a daily close below the minor support level could invalidate the breakout and lead to a significant drop in price. Overall, the current trend suggests continued bullish momentum for XRP.
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