Ripple (XRP) price reaches 70-day high
The Ripple XRP price moved above the $0.550 horizontal resistance area, reaching a high of $0.586 on October 24.
During the rally, XRP moved above the $0.550 horizontal resistance area but has yet to close above it. Will it finally do so?
XRP is moving above a critical long-term level
The weekly technical analysis of XRP shows that the price has followed an upward trend since the beginning of the year, a well-established upward support trend.
This trend has been tested and confirmed many times, most recently in the first week of October (green icon).
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Following this upswing, the price formed a super-sweeping candlestick pattern. This pattern occurs when the overall depreciation from the previous period changes to the next period.
After this candlestick pattern, XRP price jumped to $0.586. Although this indicates a successful retracement of the $0.550 price level, a weekly close above this level has yet to be achieved.
The weekly Relative Strength Index (RSI), a momentum indicator, is currently under uncertainty.
Traders use the RSI to gauge whether a market is overbought or oversold, helping them decide whether to buy or sell an asset.
When the RSI reading is above 50 and the trend is up, it supports the bulls, which indicates strength in the market. On the contrary, if the reading is below 50, it indicates damage to the bulls.
Currently, the RSI is rising but hovering right at the 50 level (green circle), unable to provide a clear confirmation of the direction of the trend.
Click here for Ripple-XRP price prediction.
What do analysts think?
Cryptocurrency analysts at X are optimistic about XRP's future activity.
The scariest prediction comes from Thescalpingpro, who lists a long cup and sleeve design with a neckline at $0.90.
A break out of this pattern will take the XRP price above the $1 threshold.
LordCrypto and Predicto believe that the small $0.50 horizontal area has now become support, and the price will break above it and continue to rise.
However, it is worth mentioning that one whale transferred more than 11 million dollars worth of XRP to the Bitso exchange.
XRP Price Prediction: Breakout Confirmed?
The daily time frame chart gives a lot of reading, which supports the possibility of a weekly close above $0.550.
First, the price breaks above a downtrend line of resistance, usually a sign that the previous decline has ended.
Secondly, it regained the minor resistance at $0.530, which it struggled to do since August.
Finally, the daily RSI is rising and above 50, both of which are signs of a bullish trend.
If the upward movement continues, XRP price may increase by another 30% and reach the 0.5-0.618 Fib retracement resistance level at $0.680-$0.740.
Despite this huge XRP price forecast, a daily close below minor support at $0.530 will break the gap. A 20% decline to close support at $0.430 is likely.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
