Since October 19, the price of Ripple XRP has risen, and yesterday it hit a new 70-day high of $0.586.
XRP crossed over the $0.550 horizontal resistance zone during the upswing, but it hasn’t closed above it yet. Will it do so at last?
The attempt by Ripple to regain the horizontal level
Since the start of the year, XRP has risen in tandem with a long-term rising support trendline, according to the weekly technical analysis. The line has had many validations; the most recent one occurred during the first week of October (green icon).
XRP Price Reaches 70-Day Peak Following New Ripple Partnership,XRP Price Reaches 70-Day Peak Following New Ripple Partnership
The subsequent increase produced a bullish, engulfing candlestick and confirmed the climbing support trendline. This kind of bullish candlestick occurs when the whole previous period’s decline is reversed during the subsequent period.
Following the candlestick, the price of XRP peaked at $0.586. Although the $0.550 horizontal region appears to have been reclaimed as a result, a weekly close above the area has not yet taken place.
Traders may use the RSI as a momentum indicator to assess if a market is oversold or overbought and make decisions about buying or selling assets.
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If the trend is rising and the RSI value is over 50, bulls will have the upper hand. If the reading is less than 50, the converse is true.
Even if the indicator is rising, it is failing to support the direction of the trend since it is exactly at the 50 trendline (green circle).
Through the relationship with Ripple Labs, the former is able to fortify the basis of its infrastructure, as Uphold’s vast understanding of liquidity bolsters Ripple’s ability to offer quick and flexible international payment solutions to a global clientele.
Forecast for XRP Price: How Much Longer Will It Rise?
Relative Strength Index (RSI) and price movement on the shorter-term daily timescale both point to a potential recovery and further increase in the price of XRP.
The cryptocurrency’s price activity indicates that on October 19, it broke out from a falling resistance trendline. The trendline has been in place since July prior to the breakthrough.
XRP broke out of and closed above the $0.550 resistance region in the daily timeframe. Right now, it is confirming its support.
XRP Logs Weekly Gains of 12% with Fresh Highs Post August
Additionally, the daily RSI is rising and above 50, which are indicators of a bullish trend.
If the rise holds, XRP might hit the barrier level of the 0.5-0.618 Fib retracement at $0.680-$0.740. Thirty percent above the current price is the resistance level.
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