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Bullish Ripple News Could Propel XRP Price to Break out From Long-Term Resistance

2 mins
Updated by Geraint Price
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In Brief

  • Ripple XRP is trading inside a symmetrical triangle.
  • It created a bullish engulfing candlestick on Feb. 20.
  • There is resistance at $0.43.
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The Ripple XRP price broke out from a short-term resistance and could soon move above a long-term one. This could catalyze a sharp upward movement.

Last week, Ripple Labs announced that they have partnered with the Solana Foundation and others to accelerate the use of crypto-based solutions for climate change. As for the Ripple vs SEC case, well-known lawyer John E. Deaton stated that he fully believes Ripple will win and the Supreme Court will not validate the Securities and Exchange Commission’s (SEC) overreach. Criticism against the SEC has been mounting from various sides.

Ripple XRP Price Regains Momentum and Attempts Breakout

The XRP price has traded in a long-term symmetrical triangle since the beginning of June 2022. Throughout this period, it has made numerous attempts at breaking out. The attempts have become more frequent over the past 30 days (highlighted), starting on Jan. 23, when it reached the highest price of the year at $0.43. Since lines become weaker each time they are touched, an eventual breakout from the line is likely. If that occurs, the XRP price could increase to the closest resistance at $0.43. 

However, if the XRP price fails to break out, it could fall to the ascending support line at $0.35. 

The daily RSI is right at 50, indicating a neutral trend. However, the bullish candlestick on Feb. 20 (green icon) supports the possibility of a breakout.

Ripple XRP Price Pattern
XRP/USDT Daily Chart. Source: TradingView

Short-Term Ripple XRP Price Breakout Catalyzes Upward Movement

The technical analysis from the short-term four-hour chart supports the readings from the daily one. Therefore, it indicates that the XRP price is expected to break out.

The two main reasons for this are the breakout from a short-term descending parallel channel and the completed A-B-C corrective structure (red). Therefore, the digital asset can accelerate its rate of increase toward $0.43 within the next 24 hours.

However, if the XRP price closes below the channel’s resistance line, it would negate this bullish outlook and could cause a drop to $0.35.

Ripple XRP Price Channel
XRP/USDT 4-Hour Chart. Source: TradingView

To conclude, the most likely XRP price forecast is an increase toward at least $0.43. However, falling below the short-term channel’s resistance line would invalidate this hypothesis. In that case, the XRP price could fall to $0.35.

For BeInCrypto’s latest crypto market analysis, click here.

Top crypto platforms in the US | March 2024

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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