The Ripple XRP price trades very close to a crucial resistance area and could soon break out from it.

The XRP price has traded inside a long-term symmetrical triangle since June 2022. While the support line has been in place since this time, the resistance line began in September of the same year. 

While the triangle is considered a neutral pattern, the movement inside it is bullish. The main reason for this is the creation of two bullish hammer candlesticks (green icons), on Jan. 2 and March 12, respectively. The first one led to a significant upward movement, and the second one may do the same.

If the Ripple price breaks out, the next closest resistance would be at $0.46. On the other hand, a breakdown from the triangle’s support line could lead to a fall toward $0.30.

The daily RSI also supports the possibility of a breakout since it has already generated bullish divergence (green line).

Besides the price action, it is worth mentioning that there is no news regarding the Securities and Exchange Commission (SEC) vs. Ripple Labs case.

Ripple XRP Price Corrective Structure Could Catalyze Breakout

The technical analysis from the short-term
Go to Source to See Full Article
Author: Valdrin Tahiri

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details