The Ripple XRP price reached a new yearly high on March 29 and could continue increasing in the near future.
The XRP price broke out from a descending resistance line on March 21, creating a large bullish engulfing candlestick. After a brief drop, the price continued its upward movement and reached a new yearly high of $0.585 on March 29.
The breakout from the line was also combined with an RSI breakout above 50, increasing its legitimacy.
Currently, the Ripple price is in the process of closing above the $0.535 resistance area, which will likely be successful unless a sharp drop transpires over the next 24 hours. If successful, the area would provide support, and the increase would continue. However, if the digital asset closes below this area in the daily time frame, a drop to $0.43 could follow.
Ripple XRP Price Could Break out From Crucial Resistance
The XRP price has increased considerably in March and is in the process of creating its fourth bullish candlestick in a row. During this period, it broke out from a long-term descending resistance line. Currently, the price trades inside the long-term $0.565 resistance area. This is a crucial area since the price has not traded above it since it initially broke down in May 2022.
Therefore, its reclaim would be a very crucial development and could lead to a pump to the next resistance at $0.925, an increase of 66% from the current price. The increase is supported by the weekly RSI, which has moved above 50 (green icon).
There were some positive Ripple news last week. On March 21, Messari founder Ryan Selkis said that he believes the Ripple Labs vs. Securities and Exchange Commission (SEC) case is an overreach by the latter, and he expects a positive resolution in favor of the former.
As a result, a close above $0.565 could be the catalyst for an upward movement that takes the price to the $0.925 resistance area. However, if the $0.565 area rejects the XRP token price, a fall to the previous support at $0.430 could transpire.
To conclude, a XRP price breakout above $0.565 could trigger another increase to $0.925. However, a rejection could catalyze a drop to $0.430.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
