XRP Price Up 10% in February: Positive Outlook for March?

XRP price has regained a long-term uptrend support line and is close to breaking out of a descending parallel channel.

In 2023, the price of XRP traded without significant volatility. Will this change in 2024?

XRP has regained its lost support

The weekly time frame technical analysis shows that the price of XRP has increased with an upward support line since October 2022. Trend line confirmed multiple times (green icons)

In the year At the beginning of 2024, XRP price seems to have broken above the support trend line and the horizontal support area. However, he soon regained his footing, making the offer the difference. XRP price closed above the trend line and is trading above it.

The weekly Relative Strength Index (RSI) is yet to confirm a bullish reversal. The RSI is a momentum indicator that traders use to determine whether the market is overbought or oversold.

A reading above 50 and an upward trend indicates that the bulls are still in advantage, while a reading below 50 indicates the opposite. When the indicator rises (green icon), it trades below 50.

What are the analysts saying?

Cryptocurrency traders and analysts at X are looking at the future trend of XRP positively. 3TGMCrypto shows a completed correction, predicting that the upward movement will accelerate soon.

Creepis has observed a reversal head and shoulders pattern with a target of $0.57. Finally, RealXRPWhale hints that something big is coming.

XRP Price Prediction: When is the Breakout Coming?

Technical analysis of the daily time frame supports bullish readings from the weekly. This is due to price action and RSI readings.

The daily chart shows that XRP has declined in a descending parallel channel since November 2023. These channels usually contain corrective activities.

After crossing the support trend line of the channel on January 31, 2024, XRP reached the resistance trend line of the channel today. This is the seventh attempt at extinction. Since lines get weaker every time they are touched, and the channel often contains correction moves, eventually breaking out of it is a very likely scenario.

The daily RSI is above 50 and moving higher, thus supporting this upward move. If a breakout occurs, XRP could rise by 25% to the next resistance at $0.72.

Despite this massive XRP price forecast, a rejection from the channel's resistance trendline will trigger an 18% decline to the channel's support trendline at $0.46.

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