Ripple recovered above the previously lost long-term support level and closed above it. Let’s see if this will help the XRP price to develop further growth.
Ripple’s price has risen over the past two weeks, recovering to close above the long-term level it had previously lost. Let’s see if this will lead to more significant growth, or if XRP will continue to consolidate as it has for most of 2023.
XRP Reached Above long-term Support
The weekly timeframe shows that the XRP price has been rising over the past two weeks, consistently forming bullish weekly candles.
Last week’s close was particularly important as it occurred above a rising 460-day support line. Before this, the token broke through this trend line and horizontal support area. However, the price has now recovered above both levels.
The weekly relative strength index (RSI) is not yet clearly bullish, despite the rise. Although the indicator is moving higher, it has yet to rise above the neutral level of 50.
XRP Price Prediction: Should We Expect a Bullish Breakout?
The daily chart paints an optimistic picture. He suggests that a bullish breakout will occur soon.
First, price action shows that Ripple has rallied since its January 31st bounce from the descending parallel channel support line.
During the growth, the price moved above the horizontal area of $0.55, which previously acted as resistance. XRP then confirmed it as a support level.
Amid this movement, the daily RSI rose above 50, supporting price momentum. If the token makes a bullish breakout from the channel, it could rise 27% and reach the next resistance at $0.70. Despite the bullish outlook, a close of XRP below $0.55 could trigger a 16% decline to immediate support at $0.47.
More About Ripple
Ripple is a peer-to-peer ecosystem with a differentiated ledger (a system of gateways or gates), which, unlike Bitcoin, does not use blockchain technology. At the same time, the Ripple cryptocurrency is in many ways similar to Bitcoin – it is a decentralized virtual architecture, the presence of an intra-system coin.
Ripple is currently in litigation with the SEC and the US Securities and Exchange Commission. The commission accused the company of unregistered securities trading. It cannot be said that this significantly undermined the authority of the coin, although at first, some crypto exchanges removed it in the heat of the moment. The community as a whole is on the side of Ripple and considers the accusations to be unfounded.
