XRP price has been trading inside a symmetrical triangle pattern over the past month. A decisive movement outside this will likely determine the direction of the trend. At the present time, the chances of a bullish breakout are high.
Ripple price has been declining below a descending resistance line since April 2021, when it hit a high of $1.97. A local top of $1.97 was reached in April 2021. XRP price made four unsuccessful attempts to break out (red icon) before falling to a low of $0.29 in June 2022.
Later, the price of XRP started an upward move and broke the line on September 18. Besides, the weekly RSI broke above its bearish divergence trend line (green) and moved above 50. Both of these are considered bullish trend signals and give legitimacy to the breakout.
The main resistance area is $0.58. This is an important horizontal level that previously acted as support between May 2021-2022. Hence, the area is now expected to provide resistance.
Weekly ripple price above this area would be a very strong signal that a bullish reversal is taking place. When combined with the weekly RSI movement, this could confirm a bullish trend reversal.
It is also worth noting that XRP news regarding the ongoing Ripple vs. SEC lawsuit could have a significant impact on XRP price based on its conclusion.
XRP Price Prediction: Breakout or Breakdown?
Technical analysis of the short-term daily price chart shows that XRP price has formed a symmetrical triangle, which is considered a neutral pattern. However, since the triangle is transpiring after the upward move, a breakout would be the most likely scenario. The numbers inside the triangle are given in white.
While Ripple price action favors a breakout, the daily RSI is neutral as it is trading right at the 50 line (red circle). A drop below wave C at $0.42 (red line) would invalidate the bullish XRP price prediction and suggest that a downside correction towards $0.38 could occur. XRP/USDT chart by TradingView[/caption]
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