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Why the Future Is Looking Bullish for Ripple (XRP) Price

2 mins
Updated by Geraint Price
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In Brief

  • XRP is trading inside a long-term descending parallel channel.
  • It is following an ascending support line.
  • The weekly RSI is bullish.
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The XRP price could break out from a short-term resistance level in the near future, accelerating its rate of increase toward $0.47.

The price action from the weekly time frame shows that the XRP price fell inside a descending parallel channel since April 2021. At the time, it had reached a 2021 high of $1.98. This was considerably below the all-time high of $3.55 reached in Jan. 2018. 

While decreasing inside the channel, Ripple fell to a low of $0.28, validating the channel’s support line (green icon). The ensuing upward movement reclaimed the channel’s midline. Afterward, the XRP price fell during the week of Nov. 7 -14, in a fall seen throughout the crypto market. Nevertheless, it has held above the channel’s midline (green circle). This news is considered bullish. 

The weekly RSI is extremely bullish. Firstly, it has broken out from the resistance line that began simultaneously with the channel. Secondly, it generated bullish divergence (green line). The trend line of the divergence is still intact. These are bullish signs that bode well for the future XRP price. 

Therefore, a breakout from the channel is possible. If one occurs, XRP could reach the resistance area with an average price of $0.87. 

As a result, the Ripple price prediction from the weekly time frame is bullish. A weekly close below the channel’s midline and/or breakdown of the RSI trend line would invalidate it.

XRP Price Weekly Channel
XRP/USD Chart By TradingView

XRP Price Prediction 2022: Bullish Structure Still Intact 

The price movement from the daily time frame shows that the XRP price has followed an ascending support line since June 14. The line has been validated numerous times, most recently on Nov. 14 (green icon). This created a bullish engulfing candlestick during the next 24 hours.

The main short-term resistance area is at $0.39. This is the 0.382 Fib retracement resistance level and a horizontal resistance area. 

Since the XRP price has made four attempts at breaking out above it, it is likely that it will eventually be successful. This would also cause the daily RSI to move above 50. 

In that case, the Ripple price could reach the descending resistance line at $0.47, nearly coinciding with the resistance line of the long-term channel. 

Conversely, a daily close below the ascending support line would indicate that the trend is bearish instead.

XRP Price Long-Term
XRP/USDT Chart By TradingView

Finally, the six-hour chart aligns with the daily one, suggesting a breakout will soon follow. 

The Ripple price is trading inside an ascending triangle, which is considered a bullish pattern. A breakout that travels the length of the triangle (green) would take the price to the aforementioned resistance line at $0.47.

XRP Price Short-Term
XRP/USDT Chart By TradingView

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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 ConditionsPrivacy Policy, and Disclaimers have been updated.

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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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