XRP (XRP) has been increasing since Jan 22 and recently broke out from a short-term resistance level.
XRP has been decreasing inside a descending parallel channel since Sept 21. While doing so, it reached a low of $0.546 on Jan 22, validating the support line of the channel in the process. Initially, this seemed to cause a breakdown below the $0.71 horizontal support area (green circle).
However, the price has been moving upwards since and XRP broke out from the area on Feb 7 before validating it as support once again on Feb 28.
Currently, it is approaching the resistance line of the channel. Since descending parallel channels are considered corrective patterns, a breakout from it would be the most likely scenario.
If one occurs, the next resistance area would be at $1.35.
Future XRP movement
Cryptocurrency trader @CredibleCrypto tweeted a chart of XRP, stating that the price is still trading below resistance.
However, technical indicators support the continuation of the upward movement, suggesting that a breakout will occur. This is visible by the increasing MACD and RSI. Furthermore, the former is positive and the latter is above 50, both of which are considered signs of a bullish trend.
In addition to this, the six-hour chart shows that XRP has broken out from a descending resistance line (dashed) and is following a steep ascending support line.
Similarly to the daily time-frame, both the MACD and RSI are moving upwards. Therefore, the bullish structure is still intact and an eventual breakout is expected.
XRP/BTC
The XRP/BTC chart is also bullish, since the price has broken out from a descending resistance line.
Furthermore, it has reclaimed the 1700 satoshi area and validated it as support afterwards. If the upward movement continues, the next closest resistance area is at 2800 satoshis.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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