2023-10-27 18:10:00
The Ripple (XRP) rate has risen above the horizontal resistance area of $0.55. Let’s figure out whether it will be able to gain a foothold above this important level
This week, Ripple announced a partnership with Uphold that will help the fintech startup resume payment operations in the United States. This news served as a catalyst for the rise of the cryptocurrency. Bullish signals have appeared on the long-term charts of Ripple (XRP), but only a weekly close above $0.55 will convincingly confirm a trend reversal.
Where to buy Ripple (XRP) – a selection of the best platforms
Technical picture for Ripple (XRP)
The weekly chart shows that since the beginning of the year, XRP has been moving in an uptrend with a well-formed ascending support line. The price has repeatedly tested and tested its strength. The last time this happened was the first week of October (green icon).
After another rebound, a “bullish engulfing” candlestick pattern appeared on the chart. This means that the decline was fully offset by growth in the next period.
The XRP rate rose to $0.586. However, for the signal to be confirmed, the token needs to finish the week above $0.55.
Weekly chart of XRP/USD. Source: TradingView
The Relative Strength Index (RSI) is rising on the weekly chart but is still below 50. This is a mixed signal and should not be used as trend confirmation.
If the RSI is above 50 and rising, the market is dominated by bulls. And vice versa, if the indicator drops below 50, the initiative passes to the bears. RSI helps traders determine when the market is in an overbought or oversold market and make a decision to buy or sell an asset.
What do analysts think?
Cryptocurrency analysts are bullish on XRP.
Most optimistic Thescalpingpro, who spotted a long-term “cup and handle” pattern on the charts with a resistance line at $0.90. A break above this level would push XRP well above $1.
XRP/USDT daily chart. Source: X
Cryptoanalytics LordCrypto and Predicted They believe that the $0.50 area will act as support, and a rebound from it will give the price additional upward momentum.
Previously, the editors of BeInCrypto looked into whether XRP would update its annual maximum after the SEC dropped its lawsuit against Ripple.
XRP Price Prediction: Will the Breakout Be Confirmed?
Bullish signals have appeared on the daily chart, confirming the likelihood of a weekly close above $0.55.
First, the price rebounded from a descending resistance line, which often indicates the completion of a correction. Secondly, the price returned to the resistance level at $0.53 for the first time since August. Finally, the daily RSI is rising and is above 50, which is a sign of a bullish trend. XRP/USDT daily chart. Source: TradingView
If the upward movement continues, the price of XRP may rise by another 30% and reach the resistance levels formed by the 0.5-0.618 Fibonacci lines at $0.680 and $0.740, respectively.
Meanwhile, a close below the $0.53 support level will indicate that the breakout was false. In this case, a fall of 20% to the nearest support in the $0.43 area is possible.
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