Ripple XRP price formed a huge bullish candlestick on March 21, breaking out of the long-term structure in the process.
XRP price traded inside a symmetrical triangle since June 2022. During this period, the resistance and support lines of the pattern have been validated several times. The price broke out of the triangle on March 21. It formed a huge bullish candlestick over the next 24-hours, leading to a new yearly high of $0.49.
There were two other bullish signals on the rise: a breakout from the 0.5 Fibonacci retracement resistance level at $0.43, and a daily RSI breakout from a bearish divergence trend line (green line).
The $0.43 Fibonacci level is expected to provide support in the near term. On the other hand, the $0.51 horizontal area is expected to provide resistance.
It is noteworthy that there have been no recent developments regarding the Securities and Exchange Commission (SEC) vs. Ripple Labs case.
What is the future for Ripple XRP price?
Technical analysis on the six-hour time frame suggests that XRP price may be trading inside an ascending parallel channel. Such channels usually have rectifying structures. Ripple price was rejected yesterday by its resistance line (red icon).
Furthermore, the ratio of both enhancements inside the channel is 1:1. This is common in ABC corrective formations. As a result, whether ripple price breaks out or rejects from the channel could determine the future trend direction.
Long term outlook favors growth
Lastly, the weekly time frame supports a continuation of the long-term uptrend. While the weekly close has not yet been reached, the digital asset will almost certainly break out of a resistance line from April 2021, with the weekly RSI moving above 50.
So, this would mean that Ripple price will break out of the ascending parallel channel. Hence, it would confirm the trend as bullish. Hence, this could lead to a breakout towards $0.62. On the other hand, a close below the resistance line will negate this bullish outlook and could lead to a decline towards $0.30.
To conclude, the most likely XRP coin price prediction is a breakout from the ascending parallel channel and an increase to $0.62. While a breakdown from the channel will invalidate this possibility and a drop to $0.30 is possible.
For the latest crypto market analysis from BeInCrypto, click here.
BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.